What does first in time first in right mean?
What does first in time first in right mean?
What does first in time first in right mean?
Liens generally follow the “first in time, first in right” rule, which says that whichever lien is recorded first in the land records has higher priority than later recorded liens. For example, a mortgage has priority over a judgment lien if the lender records it before the judgment creditor records its lien.
What is the first in time principle?
A general rule in property law says that whichever lien is recorded first in the land records has higher priority over later-recorded liens. This rule is known as the “first in time, first in right” rule.
What is property and its types?
Property is essentially of two kinds Corporeal Property and Incorporeal Property. Corporeal Property can be further divided into Movable and Immovable Property and real and personal property. Incorporeal property is of two kinds-in re propria and rights in re aliena or encumbrances.
What is the difference between riparian and appropriative water rights?
California law allows surface water to be diverted at one point and used (appropriated) beneficially at a separate point. This is in contrast to a riparian right, which is based on ownership of the property adjacent to the water.
Which clause protects a lender if he does not want the loan to be assumed by another party?
Which clause protects a lender if he does not want the loan to be assumed by another party? Alienation Clause: This is a clause in a promissory note and is also referred to as a “Due on sale Clause”. The entire balance of the loan becomes due and payable when the property is transferred. This prevents assumption.
When two parties each have a right to possess something then the one who acquired an interest first should prevail in equity?
When two parties each have a right to possess something, then the one who acquired an interest first should prevail in equity. For example, a man advertises a small boat for sale in the classified section of the newspaper. The first person to see the ad offers him $20 less than the asking price, but the man accepts it.
What is the legal definition of property?
n. anything that is owned by a person or entity. Property is divided into two types: “real property” which is any interest in land, real estate, growing plants or the improvements on it, and “personal property” (sometimes called “personalty”) which is everything else. “
What is appropriative rights in real estate?
Water rights allocated by government permit according to an appropriation system. It is not necessary to own property beside the body of water in order to apply for an appropriation permit. Also called: Prior Appropriation. Compare: Littoral Rights, Riparian Rights.
What are riparian rights in Michigan?
Under Michigan law, “riparian land” is defined as a parcel of land which is bounded by, or includes therein, a natural watercourse. Putting a fine point on the matter, the Michigan courts have held that an “indispensable requisite” to riparian land is actual contact of the land with a natural water course.