Lien Priority
noun
When several parties have filed liens on a project, lien priority generally determines who will be paid first. Rules of priority vary from state to state; often, the first party to file a lien becomes the first party to get paid.
This refers to the order in which a mechanics lien will be paid from the proceeds of a foreclosure process; not only against other liens, but against other encumbrances such as a mortgage.
Words related to “Lien Priority”
