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9 Cards in this Set

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Financial claim against property by a creditor or unit of government. And encumbrance on the title. Used to secure the payment of a debt. May be voluntary or involuntary.

Lean

Three types of superior liens

Real estate tax lien


Special assessment lien


Federal estate tax lien

Assessed and becomes a lien on January 1st. Tax bill is received after November 1st. Taxes are paid in arrears.

Real estate tax lien

Lean for improvement such as road paving.

Special assessment lien

Become a lean at the time of death.

Federal estate tax lien

A voluntary pledge of property as security for repayment of a loan.

Mortgage lien

Imposed by a court only if no other form of security has been received.

Vendor's lien

Filed in the public records against property owned by a debtor to enforce payment of a court award.

Judgement lien

Lis Pendens

Notice of a pending lawsuit