Upon foreclosure by any lien holder
, the inferior liens are eliminated and have no security interest in the property after foreclosure.
If the property is foreclosed, the first lien holder
has a "higher priority" to the proceeds of sale and will receive all of the proceeds of sale until paid in full.
While the revised Indiana mechanic's lien statute affords greater protection against voluntary and involuntary forfeiture of lien rights, and provides a longer period for exercising those rights, the revised law also may impair the ability of mechanic's lien holders
to satisfy their debts through foreclosure.
As part of the revised agreement with the First Lien Holders
, the amount of funded debt issued upon exit will be reduced from $200 million to $100 million.
Regardless of the commencement of a bankruptcy case and the resulting imposition of the automatic stay, the mechanic's lien holder
should be mindful to take such additional timely actions required by state law to perfect its lien.
The second lien holders
included entities with names such as 1903 Onshore Funding LLC, Cortland Capital Market Services LLC and Sankaty Credit Opportunities IV LP.
That person said RCS Capital, which came to prominence under the leadership of Nicholas Schorsch, has received approval from more than two-thirds of its first and second lien holders
, and from its unsecured debtholders who hold a majority of RCS Capital's outstanding debt, on the Chapter 11 terms.
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Cohen argued that the amendment allows the client to get a lawyer for the lien negotiations, which can involve litigation in state, federal, and administrative law courts, with the same "skill set" as the lawyers for the lien holders
. "The client has to agree, has to consent, has to accept," he said.
[paragraph] A deed in lieu has historically been thought by lenders to increase the risk of affecting their ability to "wipe out" junior lien holders
through the normal process of foreclosure.
The greatest potential for fraud is that time period when a DMV conducts its internal processes involving lien holders
, said Glenn Thames, president/CEO of Decision Dynamics, one of handful of national ELT providers.