Escrow & Title
Priority of liens in Missouri is generally determined by:
AThe size of the debt
BThe date of recording (first to record = first in priority)✓ Correct
CThe type of lien
DMREC's assignment
Explanation
Missouri follows the 'first in time, first in right' rule for lien priority. The lien recorded first generally has priority over later-recorded liens, with exceptions for property taxes and special assessments.
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Key Terms to Know
Lien
A financial claim against a property that serves as security for a debt or obligation, giving the creditor the right to foreclose if unpaid.
Abstract of TitleA condensed history of a property's title, summarizing all recorded documents and encumbrances affecting it from the earliest record to the present.
Option ContractA contract giving the buyer the right, but not the obligation, to purchase a property at a specified price within a specified time period.
Right of First RefusalA contractual right giving a party the opportunity to match any offer received before the owner can accept it from a third party.
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