Once the lien has arisen, it will continue until the liability for the amount assessed is satisfied, released or becomes unenforceable by reason of lapse of time (i.e. 10 years from the date the lien is filed) (Code Sections 40-1-2, 40-29-20, and 49-29-21).
What does lien mean?
noun. ˈlēn. : a charge or encumbrance upon property for the satisfaction of a debt or other duty that is created by agreement of the parties or especially by operation of law. specifically : a security interest created especially by a mortgage. assessment lien.
What is a lien in simple terms?
A lien is a claim on property to ensure payment of a debt. When you borrow money to purchase a car, the lender files a lien on the vehicle with the state to insure that if the loan defaults, the lender can take the car.
What does lien mean on a car?
A property lien is a legal claim on a persons property by their creditor to recover an unpaid debt or obligation. Property liens are usually leveraged by creditors who have not been paid. Once a lien is placed on your home, the creditor can foreclose on the house to recover the debt.
Can I sell my house if it has a lien on it?
Homeowners can sell properties with liens. For a buyer to take possession of the property, the seller will need to clear title and satisfy all outstanding liens.
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: a legal claim on the property of another person until he or she has met a certain obligation (as a debt)
What happens if I ignore a tax lien?
A lien secures the governments interest in your property when you dont pay your tax debt. A levy actually takes the property to pay the tax debt. If you dont pay or make arrangements to settle your tax debt, the IRS can levy, seize and sell any type of real or personal property that you own or have an interest in.
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May 29, 2009 Basic Rule: A state or local tax lien is entitled to priority over a federal tax lien only if it is a choate lien prior to the. Page 3. time
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