Lien Priority of Future Advances: State Comparison Chart
Practical Law Checklist w-022-7207 (Approx. 50 pages)
Lien Priority of Future Advances: State Comparison Chart
by Practical Law Real Estate
| Law stated as of 05 Apr 2024 • ExpandAlabama, Alaska, Arizona...Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Hawaii, Idaho, Illinois, Indiana, Iowa, Kansas, Kentucky, Louisiana, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, Nebraska, Nevada, New Hampshire, New Jersey, New Mexico, New York, North Carolina, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, USA (National/Federal), Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin, Wyoming |
A Chart providing a state-by-state overview of the legislative and judicial authority applicable to the lien priority of future advances made under commercial loans. This Chart identifies each state's lien statutes, highlights any distinctions between obligatory and optional advances, identifies any special statutes for loans extending lines of credit, compares lien priority between future advances and mechanic's liens, and indicates whether borrowers have rights to limit or terminate future advances. This Chart is a useful tool for borrowers, mortgage lenders, and their counsel. This Chart is updated semi-annually.