Priority of Lien

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Priority of Lien

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The notes will be guaranteed by certain of Tenets subsidiaries and secured on a first lien priority basis by a pledge of the capital stock and other ownership interests of certain of Tenets subsidiaries.
279, 280 (2002) (stating that, due to the existence of this special lien priority, FDIC officials remain concerned that it can enable or encourage risk taking by FHLBank members); see, e.g., R.L.
If the project is located in a state that has adopted the Uniform Condominium Act (UCA), the Uniform Common Interest Ownership Act (UCIOA), or a similar statute that provides for up to six months of delinquent regular condo assessments to have lien priority over the mortgage lien, Fannie Mae will reimburse the servicer for up to six months of such advances.").
The company added that the notes will be guaranteed by certain of its subsidiaries and secured on a second lien priority basis by a pledge of the capital stock and other ownership interests of certain of its subsidiaries.
The lender next "perfects" the hen, establishing lien priority (first lien, second hen, etc).
They all relate back to when construction first commenced on a project, which is the triggering point for determining mechanic's lien priority. Thus, all mechanic's liens enjoy priority over any encumbrances created after construction commences.
Because loan policies provide insurance to reverse lenders that their valid mortgages are in first lien priority, title companies must make sure that the various reverse mortgage requirements relating to title are met.
2 foreclosure filing, LNB attempted to claim first lien rights, but the contractors who had begun work on the project before LNB made its first loan on the Legacy by law held first lien priority.
The first was "lien priority," as landlords and merchants competed to extract the dwindling returns of Southern agriculture from those who actually worked the fields.
Another danger to a lender upon borrower bankruptcy is a loss of a lien priority, which can occur if the lender is reluctant to foreclose on property that has been cleaned up by a government agency.
(16.) How Does Lien Priority Affect Me?, FORECLOSURE U., http://www.foreclosureuniversity.com/studycenter/freereports/lien_priority.php (lastvisited Apr.