Different liens on the same property usually have priorities according to the time of their creation. To achieve the subordination of a prior lien, there must be an actual agreement to that effect.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
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Subordinate Lienholder means the holder of any lien, including a Mortgage, perfected subsequent to the recording of a Mortgage under this title. Sample 1. Subordinate Lienholder means the holder of a subordinate lien shown on the face of the pleadings as an encumbrance on the property.
Common Types of Liens in Oregon Tax Liens. Judgment Liens. Mortgage Liens. Mechanics' Liens.
No lien for materials or supplies shall have priority over any recorded mortgage or trust deed on either the land or improvement unless the person furnishing the material or supplies, not later than eight days, not including Saturdays, Sundays and other holidays as defined in ORS 187.010 (Legal holidays), after the ...
Statute of Limitation on Tax Collection However, the statute of 10 years limitation on judgment liens begins to run on a tax lien as soon as the tax warrant is filed pursuant to ORS 314.430. Such lien may be renewed by court order without loss of priority.
In Oregon, if work is being done on property at the direction of someone other than the owner (i.e., a tenant), the owner can avoid liability from any claims of liens by filing a ?Notice of nonresponsibility.? The notice must be filed and posted in some conspicuous place on the site.
In this contract, lien holders agree on the relative priorities of their liens. In a subordination agreement, a prior lien or mortgage holder agrees that its lien will be subordinate, or second, to a subsequently recorded mortgage.
Examples of a purchase-money security interest lien include a first mortgage on a home, a car loan, and situations in which the seller finances the purchase of property, such as furniture, through a credit agreement.
Section 87.035 - Perfecting lien; filing claim of lien; contents of claim (1) Every person claiming a lien created under ORS 87.010(1) or (2) shall perfect the lien not later than 75 days after the person has ceased to provide labor, rent equipment or furnish materials or 75 days after completion of construction, ...
