Types Of Liens Flashcards
A type of lien that attaches to only a specific piece(s) of personal property
Specific Lien
When a person borrows funds to finance the purchase of a home from a lender, pledging that in the event of a default the lender is allowed to forclose(sell) the property, and thereby recover the money loaned
Mortgage Lien (Specific)
Any person furnishing labor or materials for construction or improvement of real estate and who isn’t compensated for their work. One must also file within 45 days after “date of completion to the Circuit Court, or in a land case property, with the assistant registrar of Land Court
Mechanic’s Lien(specific)
The act of taking personal or real property from a defendant and using it as security, and with the custody of a court.
Attachment Liens(specific)
Real Property taxes and special assessments, such as water, sewer charges, or assessments for general improvements, may be levied against real property and become specific liens on that particular property
Real Estate Tax Liens/ Assessment Liens(specific)
Liens that are attached to all property of the debtor
General Lien
A court decision determining the rights of the parties in an action or suit.
Judgement Liens (general)
Non-payment of taxes from owing upon transfer of a property from a deceased person, inheritance taxes, or gift taxes, become tax liens upon real property. Will eventually lead to selling any asset on the estate needed to pay the delinquent tax
Federal and State Estate Tax Liens (general)
Liens imposed against someone’s real property due to failure of paying various federal and state taxes
Federal and State Tax Liens (general)
The property that a person passes to his heirs upon his debts that are attached to any existing debts(liens, encumbrances, or rights or creditors) of the estate. Debts are first priority
Descendant’s Debt Lien (general)