Review on 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 of 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
An AD VALOREM TAX LIEN occurs when
AD VALOREM TAXES ARE NOT PAID.
A SPECIAL ASSESSMENT TAX LIEN occurs wehn
a special assessment tax is levied. (imposed)
Ad Valorem and special assessment tax liens attach to
The REAL PROPERTY THAT IS TAXED.
FEDERAL INCOME TAX LIENS ATTACH TO
ALL REAL AND PERSONAL property of the lienee
A lien which can be filled by anyone who supplies labor or materials in the construction or repair of the property is called a _____lien
Mechanics Lien
A mechanics lien attaches to
the real property on which work was done.
How do you give notice of a claim against real property under a mechanics lien
file a notice of LIS PENDENS
A lien which results from a legal action in court is called a
Judgement Lien
A judgement lien attaches to
All real AND personal property of the lienee
When a lawsuit results in a judgment lien, the sheriff is directed to see the property of the lienee through a
Writ of execution
After a judgement lien is awarded, a writ of execution results in a
Sheriffs sale
The lien which arises when the proceeds from a foreclosure sale are insufficient to satisfy the outstanding indebtedness is called a
Deficiency judgment lien
A deficiency judgment lien is associated with which of the following situations?
Foreclosure
Does a deficiency judgment lien occur before or after a foreclosure sale?
after
a deficiency judgment lien attaches to
all real and personal property of the lienee
Liens created by agreement of parties are called
VOLUNTARY LIENS
LIENS CREATED BY THE OPERATION OF LAW ARE CALLED
INVOLUNTARY LIENS
ANOTHER NAME FOR AN INVOLUNTARY LIEN IS
A STATUTORY LIEN
A lien which attaches to ALL property owned by the lienee is called
a General lien
A judgment lien is categorized as a
General Lien:
- Federal income tax lien.
- Judgement lien (statutory lien (court action brought against the lienee.
- Deficiency Judgement lien- a statutory lien which results when the proceeds from the foreclosure sale are insufficient to satisfy the outstanding debt.
A judgement lien is categorized as a
an involuntary lien
a deficiency judgment lien is categorized as a
General Lien
a Deficiency judgement lien is categorized as a
Statutory Lien
A federal income tax lien would be categorized as a
General Lien
a federal income tax lien would be categorized as a
Statutory Lien
A lien which attaches only to a particular property identified in the lien is called a
Specific Lien
Another name for a specific lien is a
SPECIAL LIENS
A MORTGAGE LIEN IS CATEGORIZED AS A
SPECIFIC LIEN
A MORTGAGE LIEN IS CATAGORIZED AS
VOLUNTARY LIEN
AN AD VALOREM TAX LIEN IS CATEGORIZED AS A
SPECIFIC LIEN
AN AD VALOREM TAX LIEN IS CATEGORIZED AS A
** A STATUTORY LIEN
A MECHANICS LIEN IS CATEGORIZED AS A
SPECIFIC LIEN
A MECHANIC’S LIEN IS CATEGORIZED AS AN
INVOLUNTARY LIEN
THE LEGISLATION WHICH ESTABLISHES PRIORITY OF LIENS IN MOST STATES IS CALLED
RACE STATUTES
WITH 2 EXCEPTIONS, LIENS HAVE PRIORITY FROM THE DATE THEY ARE
RECORDED
HE TYPE OF LIEN WHICH HAS PRIORITY OVER ALL OTHERS IS A
REAL PROPERTY TAX LIEN
MECHANIC’S LIENS TAKE PRIORITY FROM THE DATE
THE WORK BEGAN
TO TRANSFER A TITLE ENCUMBERED BY A LIEN, THE LIEN MUST BE
SATISFIED OR ASSUMED BY THE PERSON TO WHOM THE TITLE IS BEING TRANSFERRED
