NCh2 Liens And Lien Priority

Question 1

A charge against property as security for a debt is a

Answer 1

Lien

Question 2

The type of lien attaching to one or more SPECIFIC or named properties like a mortgage for example

Answer 2

Specific

Question 3

What type of lien attaches to all of the property of the debt not not exempt from a for sale, like a judgment or IRS lien

Answer 3

General

Question 4

What is required for a judgment to become a lien?

Answer 4

Recorded

Question 5

The type of lien that is created through the borrowers actions, like taking out a mortgage, or a home improvement loan, is called

Answer 5

Voluntary lien

Question 6

The type of lien is created by law is

Answer 6

Involuntary lien

Question 7

What are the two types of involuntary liens?

Answer 7

Statutory and equitable

Question 8

What are some examples of statutory liens?

Answer 8

Federal tax liens, ad valorem liens, judgment liens, mechanic and materialmen’s liens

Question 9

What are the type of liens that come from common law and include seller or buyer liens called?

Answer 9

Equitable liens

Question 10

The type of lien use when a buyer has paid, but not yet received a deed for example, a foreclosure, sale or contract for deed, would be a _____________

Answer 10

Vendee’s lien

Question 11

Seller financing example of what type of lien

Answer 11

Vendor’s lien

Question 12

If a party, wins a judgment and is unable to collect, that party can secure what and the courts to enforce payment of the lane?

Answer 12

Writ of execution

Question 13

At foreclosure, which lien has priority?

Answer 13

The first recorded lien

Question 14

Recorded liens are only paid after ______?

Answer 14

The property tax lien