North Carolina Subordination Agreement - Lien
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How to fill out Subordination Agreement - Lien?
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FAQ
In North Carolina, a property lien can be used to collect a court judgment. Here's how it works. In a civil court case, after a judge or jury hands down a verdict -- or after a court-approved settlement -- a judgment is entered by the court.
Subordination is the process whereby one party is allowed to have a higher priority in potentially competing claims. Thus, the title insurance company and/or bank want to be ahead of any other potential claimant who has provided labor and/or materials.
There are two ways to subordinate tranches of debt so that one tranche takes priority over the other. The first is called lien subordination, in which two forms of senior, equally ranked debt share the same collateral, but one is given priority over that collateral in case of liquidation.
A Subordination Agreement is a legal document that establishes the priority of liens or claims against a specific asset.
To secure your property, you must first understand the property rights laws in that state. North Carolina is a pure race state, which means that the first person to record a deed or lien against a property has priority over all subsequent guarantees or lien holders.
North Carolina created its lien agent process in 2013 to deal with the hidden lien problem. In North Carolina, a contractor or subcontractor has 120-days from the last date of furnishing of labor or materials to file and serve a claim of lien on the real property.
Types of Liens in North Carolina The three most common types of liens are tax, mechanic, and judgement. Each one has specific guidelines to follow in order to file and enforce the lien.
Under North Carolina law judgment liens expire ten years from entry of the judgement.