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Real Estate Excise Tax Affidavit

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Real Estate Excise Tax Affidavit Powered By Docstoc
					JUDGMENTS & LIENS




     Michael C. Savas
Regional Underwriting Counsel
MORTGAGES

  Validity
   “Purposes and Considerations”
  Limitations
   5 year statute
  Priority
   Race to the Courthouse
  Enforcement
   Judicial vs. Non-Judicial
LABORERS’ LIENS

  Validity
   $300 level

  Limitations
   Proceedings commenced w/in 8 mths
LABORERS’ LIENS

  Priority
   From time labor is performed
   Laborer’s Liens subordinate to prior
   liens.
  Enforcement
   Notice given “in the usual way”
MECHANICS’ &
MATERIALMEN’S LIENS
  Validity
   Lien may be asserted by a contractor,
   subcontractor or material supplier
  Limitations
   Notice 10 days before filing.
   Affidavit must be filed 120 days after work
       performed or materials furnished.
   Actions must be filed w/in 15 months of
       filing of the affidavit.
MECHANICS’ &
MATERIALMEN’S LIENS

  Priority
   From date that construction or repair
      first commenced.
   Priority as to recorded liens.
  Enforcement
   Bonding Around
MEDICAL SERVICES LIEN

  Validity
   By nurse, hospital, ambulance
   service, doctor, dentist, chiropractor
   or licensed massage therapist.
  Limitations
   Suit must be filed w/in 180 days of
   filing of the notice
PROPERTY TAX LIENS

  Validity
   All property subject to lien 1st Monday
   of January.
  Limitations
   No limitations
  Priority
   Priority over all other liens
PROPERTY TAX LIENS

  Enforcement
   Certification to the commissioner
   Notice provided
   2 year ROR from certification
   Sale shall occur within 2 yrs from cert.
   Limited Warranty Deed to buyer
   2 years to contest validity
FEDERAL TAX LIENS



   Validity
    Notice filed in county where real property is
    located.

   Limitations
    10 years & 1 month from date of
    assessment
FEDERAL TAX LIENS



  Priority
   No additional. State law applies

  Enforcement
   Judicial vs. Non-Judicial
FEDERAL ESTATE TAX



  Lien is valid for 10 years from date of
   death. No notice requirement

  Exclusion amount:
   2007 & 2008: 2 million
   2009:        3.5 million
FEDERAL JUDGMENTS


  Validity
   Lien created on debtor’s real property
  Limitations
   20 years / may be refiled
  Priority
   Priority over any subsequently perfected
   liens
CRIMINAL LIENS



  Federal Criminal Fine/Restitution
  State Criminal Judgment Lien
   Validity: Real property of person charged
             with crime is subject to a lien
   Limitations: Suit w/in 2 years after filing.
CRIMINAL LIENS



  State Criminal Judgment Lien
   Priority: Inferior to purchase money liens
   Enforcement: Lis Pendens filed w/in 6
      months after rendition of the judgment.
  Theft of Public Property
   Lien on property of defendant.
JUDGMENTS

  Validity
   Any judgment is a lien if recorded in the office of
   the circuit clerk
  Limitations
   10 years from date of judgment
  Priority
   Recording is knowledge, but priority determined
   from date of judgment
  Enforcement
   Shall be foreclosed by execution
CHILD SUPPORT LIENS

  Validity
   Lien on all real property of obligor
  Limitations
   3 years after children reach majority
   Action for arrearages up to 5 years beyond
   reaching 18
  Priority
   Becomes a lien as each installment is unpaid.
  Enforcement
   Foreclosure through execution.
STATE TAX LIENS

  Validity
   Certificate of indebtedness issued to circuit
   clerk.
  Limitations
   10 yrs after issuance of certificate
  Priority
   Superior to all later liens
MUNICIPAL LIENS

  Validity
   To correct unsanitary condition
  Limitations
   Lien filed w/in 120 days after work
   Enforced w/in 3 years after work
  Priority
   Same as any other judgments
ALCHOHOLIC BEVERAGE
EXCISE TAX

  Validity
   3% tax. Returns must be filed.
  Limitations
   10 years
  Priority
   Superior to subsequent liens
THANK YOU!

				
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Description: Real Estate Excise Tax Affidavit document sample