Missouri Subordination Agreement - Lien
Description
How to fill out Subordination Agreement - Lien?
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FAQ
A subordination agreement must be signed and acknowledged by a notary and recorded in the official records of the county to be enforceable.
Subordination agreement is a contract which guarantees senior debt will be paid before other ?subordinated? debt if the debtor becomes bankrupt.
The answer is judgment lien. A judgment is a decree issued by a court, and when filed, a judgment becomes a general, involuntary lien on both real and personal property owned by the debtor.
The easy definition is that a judgment is an official decision rendered by the court with regard to a civil matter. A judgment lien, sometimes referred to as an ?abstract of judgment,? is an involuntary lien that is filed to give constructive notice and is to attach to the Judgment Debtor's property and/or assets.
A Missouri judgment is valid for ten (10) years from the latter of (1) the date of entry of the judgment or (2) the date that a plaintiff last successfully tried to execute on the judgment as reflected by a Court record.
If the married couple or joint owners of a property do not have a tenancy by the entireties title, any lien can attach to the person's interest in the property. Whether it's judgment or confessed judgment, the lien will attach to the homeowner's interest, making the lienor a co-owner of the property.
If you own real estate jointly with a spouse in a common law property state (and you don't own the property as tenants by the entirety), then a creditor may be able to put a lien on that property, whether or not you were ever individually liable on that debt.
A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset.
