Escrow & Title
The concept of 'priority' in lien law follows the general rule of:
ALargest lien is always senior
BFirst in time, first in right (with exceptions for statutory superior liens)✓ Correct
CMost recently recorded lien is senior
DGovernment liens are always junior to private liens
Explanation
The general rule is that the first recorded lien has priority ('first in time, first in right'). Exceptions include property tax liens (always senior by statute) and mechanic's liens (which may relate back to the commencement of work).
Related Arkansas Escrow & Title Questions
- Which of the following items is typically credited to the buyer on the closing statement?
- Constructive notice means:
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- The closing disclosure (CD) must be provided to the borrower at least how many business days before closing under TRID rules?
- Cloud on title refers to:
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