BUS 23 Lecture Notes - Lecture 6: Promissory Note

• School: Santa Monica College
• Department: Business
• Course: BUS 23
• Professor: PACCIORETTI

Document Summary

Emcumbrance - right or interest in real property other than ownership/tenancy interest: burden to property that limits uses/can lessen value. Judgement & attachment tax liens & special mortgages assessments: items that affect physical condition/use of prop. All liens are encumbrances but not all encumbrances are liens. -> when owner encumbers more than one lot under single lien, owner created blanket encumbrance. Blanket encumbrance/trust deed - voluntary lien (money owed) placed over more than 1 parcel. Lien - document that uses a property to secure payment of debt/discharge of obligation (ex) trust deeds, mortgages, tax liens, special assessments, mechanic liens, judgement, attachment. Liens are either: voluntary or, involuntary, and, specific or, general, voluntary. Voluntary liens - 19957 debts that owner agrees to pay: buyer takes out loan to finance purchase of real estate, allows liens to be placed on property, specific and general liens. Specific liens - liens against just 1 prop: property taxes (ex)