REP_OH.10

REP_OH.10 - CM 426 - REP 10 REAL ESTATE TAXES AND OTHER...

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1 CM 426 -- REP 10 REAL ESTATE TAXES AND OTHER LIENS I. LIEN A. SECURITY INTEREST IN REAL ESTATE B. AN ENCUMBRANCE THAT ATTACHES TO REAL PROPERTY 1. CLOUDS TITLE 2. IMPAIRS USE C. NOT AN OWNERSHIP INTEREST D. DOES NOT PREVENT TRANSFER OR CONVEYANCE 1. LIEN PASSES WITH TITLE 2. IF LIEN IS VALID, LIENHOLDER MAY FORCE SALE TO ACQUIRE TITLE II. TYPES OF LIENS A. VOLUNTARY -- INTENTIONALLY CREATED 1. FOR EXAMPLE, A MORTGAGE LOAN 2. SPECIAL ASSESSMENT DISTRICT DESIRED BY THE OWNER OF REAL ESTATE B. INVOLUNTARY -- CREATED BY LAW 1. STATUTORY -- CREATED BY STATUTE (a) REAL ESTATE TAX LIEN (AD VALOREM) (b) IRS TAX LIEN (c) MUNICIPAL UTILITY BILLS (d) ESTATE AND INHERITANCE TAXES (e) SPECIAL ASSESSMENT DISTRICTS FORCED BY MUNICIPALITY (f) CORPORA
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TE FRANCHI SE TAXES 2. EQUITABLE (a) ARISES OUT OF COMMON LAW AND BASED ON FAIRNESS (b) MECHANIC’S LIEN C. GENERAL LIENS -- ENCUMBER ALL PROPERTY (PERSONAL AND REAL) 1. JUDGMENTS 2. ESTATE AND INHERITANCE TAXES 3. DECEDENT’S DEBTS 4. CORPORATE FRANCHISE TAXES 5. IRS TAXES D. SPECIFIC LIENS -- ENCUMBER ONLY SPECIFIC PARCELS 1. MECHANICS’ LIENS 2. MORTGAGE LIENS 3. REAL ESTATE TAX LIENS 4. LIENS FOR SPECIAL ASSESSMENTS AND UTILITIES 5. MUNICIPAL UTILITIES 6. BAIL BOND LIENS III. CHARACTERISTICS OF LIENS A. ATTACHES TO THE PROPERTY 1. NOT THE PROPERTY OWNER 2. RUNS WITH THE LAND AND BINDS ALL SUCCESSIVE OWNERS UNTIL CLEARED B. PRIORITY OF LIENS
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1. ORDER IN WHICH CLAIMS WILL BE SATISFIED 2. USUALLY “FIRST-COME, FIRST-SERVED” (DATE OF RECORDATION DETERMINES) 3. EXCEPTIONS TO “FIRST-COME, FIRST-SERVED” (a) REAL ESTATE TAXES, SPECIAL ASSESSMENTS ALWAYS PAID FIRST IN COURT-ORDERED SALE
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This note was uploaded on 01/11/2012 for the course CM 426 taught by Professor Markhutchings during the Winter '12 term at BYU.

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REP_OH.10 - CM 426 - REP 10 REAL ESTATE TAXES AND OTHER...

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