Prior Lien

Prior Lien

A lien on an asset that has a stronger claim than other liens on the same asset. For example, the first mortgage on a house has a prior lien on the house, which takes precedent over the second and third mortgages. See also: Rule of Absolute Priority.
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This rule applies even though the purchase money mortgagee was put on constructive notice of the prior lien by virtue of its record in the public records.
6 million by pocketing the proceeds of loans to property purchasers intended to pay off prior lien holders.
However, in basic terms, title insurance insures against loss arising from defects of title, and confirms that all prior lien holders are satisfied at the time of closing.
The property has been pulled out of prior lien sales, as has the apartment building at Bedford Gardens at 555 Wythe Avenue in Brooklyn.
Legal counsel should be consulted in connection with bidding calculations in any case where a prior lien is involved.
The 2nd lien series 2005 bonds, which held a prior lien on the revenue stream, have been retired and that lien is closed.
A consignment vendor that delivers goods before each of these steps is finalized subjects its goods to the claims of a prior lien creditors rights in inventory.
11) The Supreme Court in Godwin defined prejudice, which it called "injury," as when the intervening lienor is "in any worse position than if the prior lien had not been discharged.
Judge Edward Lehner, who decided this case, restated the rule set down by the Court of Appeals -- that upon a foreclosure sale, the bank has a prior lien against common charges of the condominium association and that until the mortgage is fully paid, the condominium association is not entitled to those common charges.
Proceeds will be used to refund approximately $108 million prior lien bonds, to pay for various utility capital improvements, and pay issuance costs.
6) Under this doctrine, the refinancing lender will be subrogated to the value of the lien or obligation that was satisfied, including taxes paid upon the property to protect the security subject to the lien (7) and interest from the date the prior lien was satisfied.

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