Real Estate Taxes Other Liens _ Chapter 11 Prin. of R.E. Flashcards

Real Estate Taxes & Other Liens _ Chapter 11 Prin. of R.E. Flashcards TWC WAGE LIENS:General, Involuntary- "superiority" status and, except for ad valorem tax liens, takes priority over all other liens- attaches to all real and personal property belonging to an employer who owes back wages to an employee, as determined and ordered by the Texas Workforce Commission;- A wage lien should not attach to homestead property because the homestead exemption is a constitutional protection.equitable lienA lien arising out of common law. See statutory lien.one of several equitable remedies which force one party to relinquish a benefit he has received wrongfully (meaning, at another party's expense).mortgage (purchase money) lienA lien or charge on the property of a mortgagor that secures the underlying debt obligations.MECHANICS' LIENS:Mechanic's Lien Contract: Specific, Voluntary,

statutoryAffidavit Claiming a Mechanic's Lien: Specific,

Involuntary-gives security to persons or companies that perform labor or furnish material to improve real property. It is based on the enhancement of value theory UNIFORM COMMERCIAL CODE LIENS:a body of law that attempts to codify and make uniform throughout the country all laws relating to commercial transactions. The main relevance of the UCC to real property is in the area of personal property and fixtures;If the financing statement has been recorded properly, on the borrower's default the creditor could repossess the personal property and remove it from the property.attachment1. The act of taking a person's property into legal custody by writ or other judicial order to hold it avail- able for application to that person's debt to a creditor. 2. A process of converting personal property to real estate.specific lienA lien affecting or attaching only to a certain, specific parcel

of land or piece of property.VOLUNTARY:- special

assessment- mortgage- deed of trust- mechanic's contract-

bail bondINVOLUNTARY:- ad valorem taxes- mechanic's -

affidavit claiming- vendors' liens- vendees' liens subcontractorsubordination agreement A codification of commer- cial law that attempts to make uniform throughout the United States all laws relating to commercial transactions. Security interests in personal property are created by an instrument known as a security agreement. To give notice of the security interest, a

nancing statement must be recorded.vendee's lien assessment rollThe public record of the assessed values of all lands and buildings within a speci c area.An agreement by an insurance or bonding company to be responsible for certain possible defaults, debts, or

obligations contracted for by an insured party; used to ensure that a particular project will be completed at a certain date or that a contract will be performed as stated.tax lien

The equitable lien of the grantor upon the land conveyed, in the amount of the unpaid purchase price.voluntary lien A written agreement between holders of liens on a property that changes the prior- ity of mortgage, judgment, and other liens under certain circumstances.surety bail bond lien Vendee's LienSpecific, Equitable, Involuntary- a buyer's claim against a seller's property in the event that the seller failed to deliver title; a specific, equitable, involuntary lien for any money paid plus the value of any improvements made to the property by the buyer.A charge against property created by operation of law. Tax liens and assessments take priority over all other liens.tax sale A lien that arises because of actions per- mitted by a person, such as when signing a deed of trust or mortgage.wage lien mechanic's lienA statutory lien created in favor of contractors, laborers, materialmen, and others (including architects, engineers, or surveyors) who have performed work or furnished materials in the erection or repair of a building.financial judgment lienfinancing statement appraisal review boardA group of people who hear appeals concerning assessed valuations for tax purposes and recommend or deny changes in values shown of record A lien ordered by the Texas Workforce Commission against all real and personal property of an employer who owes back wages to an employee lis pendens Distinguish between different general liens, voluntary and involuntary liens, statutory and equitable liens and give examples of each.VISE:- Voluntary: created by the lienee's action, i.e. taking

out a mortgage loan- Involuntary: created by law - either

statutory or equitable- Statutory: federal tax liens, ad

valorem taliens, judgment liens, mechanics'

&materialmen's liens; real state tax lien- Equitable: vendor

or vendee's lienGENERAL LIENS: Involuntary liens,

usually affect all of a debtor's property both real and personal, and include judgments, estate and inheritance taxes, income tax, debts of a deceased person, IRS taxes, and federal judgement liens, TWC Wage Lien.SPECIFIC

LIENS: voluntary and involuntary, usually are secured by a

particular parcel if real estate and affect only that

property.IncludeVoluntary: special assessment lien;

mortgage lien; deed of trust lien; mechanic's lien, bail bond

lienInvoluntary: ad valorem tax lien, affidavit claiming a

mechanic's lien; vendor's lien; vendee's lien judgmentThe formal decision of a court on the respec- tive rights and claims of the parties to an action or suit. After a judgment has been entered and recorded with the county clerk, it usually becomes a general lien on the prop- erty of the