LIEN PRIORITY LAWS FOR NYC CONDOS
Lien priority laws for New York City (NYC) condos are governed by a combination of state laws and local regulations. Condominiums in NYC are subject to a specific set of rules and regulations, and lien priority can vary depending on the type of lien and the circumstances.
Here are some key points to understand about lien priority laws for NYC condos:
Mechanic’s Liens: Mechanic’s liens are typically granted priority based on the date of filing. In New York, a mechanic’s lien is generally filed against the specific unit or common elements where work was performed. The lien’s priority is determined by the order of filing, with earlier filed liens taking precedence over later ones.
Mortgages: Mortgage liens, which are used to secure loans for the purchase or refinancing of a condo unit, generally take priority based on the order of recording with the county clerk. The first mortgage recorded has the highest priority, and subsequent mortgages are ranked in the order they were recorded. This is known as the “first in time, first in right” principle.
Condo Association Liens: Condo associations often have the ability to place liens on individual units for unpaid common charges, assessments, or fees. The lien priority for these association liens can vary depending on the condo’s bylaws and state laws. In some cases, condo association liens may take priority over other liens, including mortgages, for unpaid common charges.
Property Tax Liens: Property tax liens generally take priority over all other liens, including mortgages and condo association liens. In the event of a foreclosure due to unpaid property taxes, the taxing authority typically has the first claim on the property’s proceeds.
Government Liens: Certain government liens, such as federal tax liens, can also take priority over other liens, including mortgages.
Superior Liens: Some liens may be considered “superior” and take priority over other liens regardless of their filing or recording date. The specific circumstances under which a lien may be considered superior can vary, so it’s important to consult with legal counsel for guidance in such cases.
Bankruptcy: In the event of a condo unit owner’s bankruptcy, the lien priority may be subject to bankruptcy laws and proceedings, which can affect the order in which creditors are paid.
It’s crucial for condo owners, buyers, and lienholders to consult with legal professionals who are well-versed in New York State and NYC condominium laws to understand the specific lien priority rules and how they apply in their particular situation. These laws can be complex and subject to change, so it’s essential to seek legal guidance to protect your interests.
Citations, References and Potentially Useful Resources for Further Information:
U.S. Constitution
New York State Constitution
Federal Securities Regulation
New York State Martin Act
New York Condominium Act
New York State Security Regulations
New York Business Corporation Law
New York Limited Liability Company Law
New York Uniform Partnership Act
Federal Internal Revenue Code
New York State Tax Laws, Rules & Regulations
New York City Tax Laws, Rules & Regulations
Winston Churchill Owners, Inc. v. Regents Real Estate Associates
Board of Managers of the Park Regis Condominium v. Park Regis Owners Corp.
Park Sutton Condominium v. 447 E. 57th St. LLC
28 E. 10th Street Corp. v. Veras
Riverside Syndicate, Inc. v. Munroe
Essex House Condominium v. Marks
The Parc Vendome Condominium v. Atkinson
54-56 Meserole Street Owners Corp. v. Rossi
The Beekman Regent Condominium v. Bottiglieri
Chelsea 19th LLC v. West 19th Street Realty LLC
ACRIS
New York Department of Finance
New York City Department of Buildings
New York City Bar Association
New York State Bar Association
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