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A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
General liens: A general lien gives creditors the authority to seize a permissible possession if payment terms are not met. If someone fails to pay their federal income taxes, for example, the ...
In 2015, Texas law was changed to automatically place the legal title to the property with the buyer by filing the contract with the deed records office of the county where the property is located. While the seller loses title, the seller retains a vendor's lien in the property for the outstanding balance of the contract.
For example, the lien based on the annual real estate property tax in Texas takes priority over the federal tax lien, even where an NFTL for the federal lien was recorded prior to the time the Texas tax lien arose, [10] and even though no notice of the Texas tax lien is required to be filed or recorded at all.
A deed in lieu of foreclosure is a deed instrument in which a mortgagor (i.e. the borrower) conveys all interest in a real property to the mortgagee (i.e. the lender) to satisfy a loan that is in default and avoid foreclosure proceedings. The deed in lieu of foreclosure offers several advantages to both the borrower and the lender.
Under the statute of uses, modern real property law disregards this subtle distinction. [ citation needed ] A bargain and sale deed is especially used by local governments, fiduciaries such as executors , and in foreclosure sales by sheriffs and referees .