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PROMISSORY NOTE $ Amount of NoteDate of NoteDue Date___, the undersigned, (hereinafter called \\\"Maker\\\"), promises to pay to ___ (hereinafter called \\\"Lender\\\"), or order, payable at ___, ___, ___ ___
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FAQ

Lien Priority: First in Time, First in Right A general rule in property law is that liens have priority in the order that they are filed in the county records office. This rule is known as the "first in time, first in right" rule. Based on this principle, a recorded interest has priority over later recorded interests.

When property is sold for nonpayment of mortgage debt, tax liens are paid first from the proceeds, usually followed by mortgage liens, and then by other liens (mechanic's and judgment liens, for example) in the order in which they are placed on the property being sold.

The priority of liens establishes who gets paid first following a foreclosure sale. “Senior” liens are paid before “junior” liens (those with lower priority).

Of the three types of liens (consensual, statutory and judgment,) the judgment lien is the most dangerous form, but one which the informed business owner may be able to eliminate. A judicial lien is created when a court grants a creditor an interest in the debtor's property, after a court judgment.

When a lender is in a first lien position, it means that they are in the first or priority position to benefit from any liquidation of the collateral which secures the loan, in the event that the loan is in default and the property is to be sold.

Property Tax Liens Usually, a property tax lien takes priority over all other mortgages or liens on the property, even if the property tax lien was placed on the property after the other liens. If the taxes are not paid, the government can have your property sold to pay the property taxes.

Mortgage lenders usually make sure that no other liens take priority over their lien and that they have what is called a first mortgage lien. Any other liens are called junior liens. Mechanic's lien: A mechanic's lien is a lien placed on your property for nonpayment for work you had done on the property.

Generally, first mortgage lenders will not issue a mortgage loan unless the lender verifies it has priority over mechanic's liens. A mechanic's lien only has priority if the contractor began work or supplied materials to the property before the first mortgage was either signed or recorded.

First Priority Lien means any Lien created by the First Priority Security Documents. Based on 54 documents 54. First Priority Lien means any Lien on any Type of Common Collateral securing any First Priority Obligation.

Priority Lender means each Lender to the extent of the Priority Obligations owing to such Lender.