Sec. 17. Valid recorded liens, mortgages, and other encumbrances that are recorded before a principal broker’s notice of
lien under this chapter have priority over a principal broker’s lien under this chapter. Prior recorded liens, mortgages, and encumbrances that have priority under this section include:
(1) a valid mechanic’s lien that is recorded after a principal broker’s notice of lien under this chapter, but that relates back to a date before the recording date of the principal broker’s notice of lien; and
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Terms Used In Indiana Code 32-28-12.5-17
- Lien: A claim against real or personal property in satisfaction of a debt.
- Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
As added by P.L.78-2006, SEC.1.
