Sentences with phrase «valid lien»
A valid lien is a legal claim or hold on a property or asset that someone has the right to enforce. It serves as a form of security for a debt or obligation owed to them. Full definition
insurance to assure the lender that you own the home and the lender's mortgage is a valid lien.
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Please note the importance of «valid lien» in the previous sentence.
But if Uncle Jim placed a valid lien on the car, then there is nothing for the trustee to take.
Valid liens are filed with county recorders» offices.
The Court of Appeal agreed that it could and that a valid lien existed in these circumstances.
An unsecured creditor is a creditor without a valid lien or mortgage against property of the person filing.
Applying the law to these facts, the court ruled that the Brokerage had a valid lien on the Property, as it had properly given notice and recorded its lien.
Valid liens are filed with county recorders» offices.
An «owner's title insurance policy» is an insurance policy that provides coverage for the owners of real estate in the event there is a defect in title, a valid lien against the land, or other legal claims against the real estate that result in a loss in interest held in the property (mortgage lenders receive a «mortgagee title insurance policy»).
For example, if the lender is foreclosing its second mortgage, the first mortgage will still be a valid lien against the property.
So if that is the case, does the mortgage held by the trust have valid lien and thus a legal right to enforce that lien?
If an applicant requests secured credit, a creditor may require the signature of the applicant's spouse or other person on any instrument necessary, or reasonably believed by the creditor to be necessary, under applicable state law to make the property being offered as security available to satisfy the debt in the event of default, for example, an instrument to create a valid lien, pass clear title, waive inchoate rights, or assign earnings.