Priority to Proceeds of Sale

Question 1

Personal Property Lien Priority

Answer 1

Moment of levy determines priority

Between two writs of execution, the sheriff who levies on the property first creates the judgment lien that takes priority over subsequent levies or liens

Question 2

Personal Property Lien Priority: Expiration of Execution Lien

Answer 2

General execution lien expires 90 days after issuance of writ of execution

Question 3

Personal Property Lien Priority: Perfection of Lien

Answer 3

To ensure priority against other creditors, judgment creditor should perfect lien by:

(1) Filing a UCC financing statement; or
(2) Actual possession of property by sheriff or judgment creditor

Question 4

Real Property Lien Priority

Answer 4

Time when JUDGMENT is filed with the appropriate clerk of court determines priority

Question 5

Stay of Execution

Answer 5

Debtor has right to appeal issuance of writ of execution

Rarely happens since debtor must post a delivery bond and is too expensive for debtor to fund

Question 6

Debtor Retention of Levied Property

Answer 6

Debtor may retain property that has been levied on prior to sale by posting a delivery bond

Most debtors unable to post the bond