LIENS Flashcards
A monetary claim which one person has upon the property of another as security for a debt is called a
Lien
A person who has a right ofr lien upon the property of another is called
A lienor
A person whose property is subject to a lien is called the
Lienee
A lien which arises when a mortgage is used to finance a home is called a
Mortgage Lien
A special assessment tax lien occurs when
A special assessment tax is levied. - A lien remains until the tax is fully paid
Ad Valorem and Special Assessment tax liens attach to:
The real property that is taxed.
A lien which can be filled by anyone who supplies labor or materials in the construction or repair of property is called a
Mechanics lien
a Mechanics lien attaches to
The real propert on which the work was done
How do you give notice of a claim against real property under a Mechanics lien?
fine a notice of LIS PENDENS
Does a deficiency judgement lien occur before or after the foreclosure sale?
After. It occurs when the foreclosure sale DID NOT pay for the loan.
A deficiency judgement lien attaches to
all real and personal property of the lienee
The lien which arises when the proceeds from a foreclosure sale are insufficient to satisfy the outstanding indebtedness is called a
DEFICIENCY JUDGMENT LIEN
LIENS created by agreement of the parties are called
VOLUNTARY LIENS
Liens created by the operation of law are called
INVOLUNTARY LIENS
Another name for a lien is
Statutory lien
A lien which attaches to all property owned by the lienee is called
A GENERAL LIEN
A Judgement Lien is categorized as a
General Lien
A Judgement Lien is categorized as a
Involuntary Lien
A deficiency judgement lien is categorized as a
General Lien
A deficiency Judgment lien is categorized as a
Statutory Lien
A federal income tax lien would be categorized as
General Lien AND a Statutory Lien
A lien which attaches ONLY to a particular property identified in th elein is called a
Specific lien
Another name for a specific lien is
a SPECIAL LIEN
A Mortgage lien is categorized as a
SPECIFIC LIEN
A MORTGAGE LIEN IS CATEGORIZED AS
VOLUNTARY LIEN
AD VALOREM TAX LIEN IS CATEGORIZED AS A
SPECIFIC LIEN AND
STATUTORY LIEN
A MECHANIC’S LIEN IS CATEGORIZED AS A
SPECIFIC LIEN
A MECHANIC’S LIEN IS CATAGORIZED AS A
INVOLUNTARY LIEN (CREATED BY THE OPERATION OF THE LAW)
GENERAL LIENS ATTACH TO ALL PROPERTY OWNED
LIENS CREATED BY AGREEMENT OF THE PARTIES ARE CALLED VOLUNTARY LIENS
LIENS CREATED BY THE OPERATION OF LAW ARE CALLED
INVOLUNTARY LIENS
Another name for an INVOLUNTARY LIEN IS
STATUTORY
A JUDGEMENT LIEN ATTACHES TO “ALL” THE LIENEE’S PROPERTY
A JUDGEMENT LIEN IS CATEGORIZED AS A GENERAL LIEN
FEDERAL INCOME TAX LIENS ARE “GENERAL” BECAUSE FEDERAL INCOME TAX LIENS ATTACH TO ALL THE LIENEE’S PROPERTY
FEDERAL INCOME TAX LIEN WOULD BE CATEGORIZED AS
‘GENERAL’
Specific Liens attach only to a specific property identified
A lien which attaches only to a particular property identified in the lein is called a “specific Lean”
Another name for a specific lien
Special Lien
A mortgage lien is categorized as a
SPECIFIC LIEN: Mortgage liens attach ONLY to a mortgaged property
A mechanic’s lien is categorized as a
specific lien: A mechanic’s lien attaches ONLY to the property worked
