senior lien definition
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What Is a Senior Lien? A senior lien is considered to be the first and primary mortgage on a property. Typically, this is the original loan amount and is secured by the value of the property. This amount will be paid first and only tax obligations can potentially interfere. Death does not wipe the lien clean. Inheritance does not void it.
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Lien A lien [Note 1] is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienee and the person who has the benefit of the lien is referred to as the lienor or lien holder. The etymological root is Anglo-French lien, loyen bond, restraint, from Latin ligamen, from ligare to bind. In the United States, the term lien generally refers to a wide r
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- A property lien is a legal claim on a tract of real estate granting the holder a specified amount of money upon the sale of the property. Such liens are often used to ensure the payment of a debt, with the property acting as collateral against the amount owed.
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- When the Internal Revenue Service files a tax lien against you, it is reported on your credit report. This makes it difficult to obtain lending to satisfy your debt. If you otherwise have positive credit, a lender may fund your loan request if the IRS approves a subordination of the lien.A lien subordination means the IRS will take a step down in priority to allow another lender to take the senior lien position.f you otherwise have positive credit, a lender may fund your loan request if the IRS approves a subordination of the lien. A lien subordination means the IRS will take a step down in priority to allow another lender to take the senior lien position.
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Enforcement of Non-Mortgage Liens A lien is a creditor’s legal claim against property, such as a home, owned by a debtor. The home serves as security for a debt. There are two types of liens. The first are liens the homeowner agrees to, such as mortgages and home equity loans.
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- Senior may refer to: 1  Senior citizen, a common polite designation for an elderly person in both UK and US English. 2  Senior producer, a title given usually to the second most senior person of a film of television production.  Senior (name), a surname or given name.
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junior lien junior lien. Definition. An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien on the same realty. Use junior lien in a sentence. “ You should always make sure that you know you will be able to pay off any junior lien before you take it on.
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- Seniority Law and Legal Definition. Seniority means a precedence of position, especially precedence over others of the same rank by reason of a longer span of service. Seniority is a system often used by employers as a basis for granting job benefits. The seniority system provides important employee benefits by creating, and fulfilling, employee expectations of fair, uniform treatment.
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What is 'Lien Waiver' Lien Waiver. DEFINITION of 'Lien Waiver'. A document from a contractor, subcontractor, supplier or other party holding a mechanic's lien stating that they have been paid in full and waiving future lien rights to the disputed property. Generally, there are four types of lien waivers:
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- Some dictionaries define senior citizen as a person over the age of 65. In everyday speech, the term is often shortened to “senior.”. In legislation, the term applies to the age at which pensions, social security or medical benefits for the elderly become available.
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senior debt Because senior debt has a relatively secure claim, it is less risky from the point of view of the lender and it pays a lower rate of interest compared with debt of the same issuer having a subordinate claim. Compare junior debt.
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Subordination agreement A subordination agreement is a legal document used to make the claim of one party junior to (or inferior to) a claim in favor of another.It is generally used to grant first lien status to a lienholder who would otherwise be secondary to another party, with the approval of the party that would otherwise have first lien. subordination agreement is a legal document used to make the claim of one party junior to (or inferior to) a claim in favor of another.
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Medicaid Liens TEFRA liens are the only type of lien that may be placed prior to the death of a Medicaid recipient whose benefits have been correctly paid. For this reason, they are also called pre-death liens. They only apply to permanently institutionalized individuals.
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Lien The first lien to be recorded is paid first, and so on in the order of recordation. 2. A statutory lien, such as a mechanics' and materialmen's lien, may be given artificial priority even though recorded after another lien.
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Senior 1 Senior (album) , a 2010 album by Roeyksopp. 2  Röyksopp (senior) , education a student in the final year of high, school college or. 3  University a suffix for the elder of two or more people in the same family with the same given, name usually a parent or.  grandparent
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Types of Liens Involuntary Liens are those which are imposed against a property without the consent of the owner. This happens in cases of unpaid taxes, special assessments and other scenarios. The owner does not take action to cause the lien.
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Second mortgage A second mortgage is a lien on a property which is subordinate to a more senior mortgage or loan. Called lien holders positioning, the second mortgage falls behind the first mortgage. This means second mortgages are riskier for lenders and thus generally come with a higher interest rate than first mortgages.
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First and Second Lien Loans A first lien loan is a form of senior debt. It is a secured form of debt that has first priority in payment in the event of a company's liquification. Remember that secured forms of debt are backed by specific assets of the company, which serve as collateral to the loan.
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- The outstanding $30.0 million Senior Subordinated Secured Notes bear an interest rate of 13.00% and are scheduled to mature in November 2013. The Term Loan Tranche of our A/R Credit Facility bears a fixed interest rate of 14.75% and is scheduled to mature on August 20, 2013.
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subordination agreement Formal document acknowledging that one party's claim or interest is inferior (junior) to that of the other party or parties. For example, a firm may agree to let a bank loan take precedence (seniority) over directors ' or owners ' loans to the firm. If such consent forms a part of a larger agreement, it is called a subordination clause.
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- Typically, the ﬁ rst priority lien debt is a senior. working capital facility, usually consisting of a. revolving loan facility, sometimes coupled with a. term loan facility. Senior working capital lenders will. generally insist on holding a ﬁ rst priority lien on the. borrower’s assets; however, in a number of transac-.
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What is a negative lien? There is no legal definition of 'negative lien'. Lien is the right to retain goods of a borrower or pledgor for the debt. Negative Lien is used in banking parlance for a borrower to undertake not to create any charge on his property without the consent. of the lender.
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- Home » Liens. A lien is a legal claim to secure a debt and may encumber real or personal property. A state tax lien (also known as a state tax execution) is recorded with one or more Clerks of Superior Court to make it a matter of public record and to secure the debt.
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- REQUEST FOR NOTICE OF DELINQUENCY. By Junior Trust Deed Beneficiary. NOTE: This form is used by an escrow, lender or carryback seller when recording a junior trust deed or a change of. address, to request a senior lienholder send the junior lienholder a notice of delinquency (NODq) on a default in payments. owed the senior lienholder.
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Types of Liens Voluntary Liens are debts that the property owner has agreed to have recorded. Usually this involves a mortgage. It is contrast to the involuntary lien in the sense that the owner of the home is aware of the lien and allows it to take place. This is just one of the types of liens that can be held on a property. There are different scenarios when someone will voluntarily allow a lien to be placed on their property.
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