Judgments and Liens on Property Flashcards
20-day Notice
Notifies the owner, general contractor, and lender that if the subcontractor or materialman is not paid, a lien will be filed
Judgment
A court of competent jurisdiction’s final determination of a matter presented to it; the final decision by a court in a lawsuit, motion, or other matter
Lis Pendes
A recorded legal document that gives constructive notice that an action affecting a particular piece of property has been filed in a state or federal court
Materialmen’s Lien
A lien created by state law in favor of persons who have furnished material in the erection or repair of a building
Mechanic’s Lien
A lien created by state law in favor of persons who have performed work in the erection or repair of a building
Writ of Attachment
The legal process of seizing the real or personal property of a defendant in a lawsuit and holding it in the custody of the court as security for satisfaction of a judgement
Writ of Execution
An order directing the proper officer of the court to seize property to satisfy a judgment or carry out any other such judgment or decree
Twenty day notice
20 days preliminary notice to owner within first 20 days of providing labor, services, or material
Filing mechanic’s lien or materialmen’s
120 days from completion, if notice of completion was filed then 60 days to file lien
No right to file mechanic’s or materialmen’s lien
Not licensed, no notice, no certificate, no certificate, no agreement
Foreclosure Action, Lien Release
if no payment made after recording the lien, contractor can file foreclosure action within 180 days.
If paid, contractor must release lien within 20 days
General Execution
Commands the officer to take the amount of the judgment out of property of the judgment debtor without specifying the particular property
Special execution
Commands the officer to sell certain specific property or to deliver specific real or personal property to the entitled party
