Elawyers Elawyers
Ohio| Change
Asked in CA May 19, 2022 ,  0 answers
I am a lein holder (by judgement) on a commercial property. There is a 1st and 2nd, the 2nd trust deed just recorded and sent nod, how does this effect me? Does this wipe me off at sale??
Data From  LAWGURU_Question

1 Answers

Anonymous
Reply

Posted on / Mar. 03, 2011 10:11:00

The priority of liens is determined by the date of recording. If you recorded your judgment or an abstract of judgment before the 2nd D/T was recorded, the buyer at the sale will acquire the property subject to your lien. If you are junior in time of recording, you will either receive a full or partial payoff from the sale proceeds, or, more likely, nothing. However, you are not really wiped out; the sale just demonstrates that the building had no collateral value in the first place. You still have a judgment and perhaps other ways to enforce payment.

Can't find what you're looking for?

Post a free question on our public forum.
Ask a Question

Can't find what you're looking for?

Post a free question on our public forum.
Ask a Question
Search for lawyers by practice areas.
Find a Lawyer