ABA Professors' Corner: Recent Developments in Lien Priority

Professors' Corner's free monthly webinar featuring a panel of law professors, addressing topics of interest to practitioners of real estate and trusts/estates
Sponsored by the ABA Real Property, Trust and Estate Law Section, Legal Education and Uniform Laws Group​

Tuesday, June 14, 2016
12:30 p.m. Eastern/11:30 a.m. Central/9:30 a.m. Pacific
Mortgages and Condo/Homeowners Association Liens:
Recent Developments in Lien Priority

Speakers:

Wilson Freyermuth, John D. Lawson Professor of Law and Curators’ Teaching Professor, University of Missouri
Christopher K. Odinet, Horatio C. Thompson Assistant Professor, Southern University Law Center
Moderator: Tanya Marsh, Professor of Law, Wake Forest University

In all states, common interest ownership law permits a condominium, cooperative, or homeowners association to assert a lien upon a lot or unit within the community when its owner fails to pay the common expense assessment allocated to that lot or unit. In some states that have adopted statutes comparable to the Uniform Condominium Act or the Uniform Common Interest Ownership Act, the association has a limited priority for some portion of the unpaid assessments (typically, six or nine months’ worth).

In the wake of the mortgage crisis, the issue of whether (and to what extent) an association’s lien should have priority over other liens has produced a great volume of litigation as well as aggressive efforts by federal regulators to negate or pre-empt state law priority rules. Our speakers will address recent judicial, statutory, and regulatory developments, including:  (1) the rationales for (and against) association lien priority; (2) whether the association’s lien priority constitutes a true lien priority or merely a payment priority; (3) whether the association’s limited priority is recurring or can be asserted on a one-time-only basis; (4) whether the association’s priority extends to interest, attorneys’ fees, and other costs of collection; (5) the effect of the federal Housing and Economic Recovery Act (HERA) on state law association lien priority rules; and (6) FHA’s proposed rule under which reverse mortgage loans would be ineligible for assignment in states that provide the association with limited lien priority.

Register for this FREE webinar at http://ambar.org/ProfessorsCorner