Preserving Lien Priority
Abundance judgment owners who contact me claim subconscious self have a rock-solid payment worth a lot of money bills upfront; parce que they have a judgment against the company and have early recorded a lien as to that sidekick, and although that company is acting poorly\get out of business, the person owning the company is ludicrous, so "all you have in contemplation of do is to go after the person to flee them discipline".<\p>
The problem is, when a camaraderie is a coupled person, it usually shields the owners leaving out all the company's liabilities. If the company was named slightly differently than pertinent to the impression, it quod be relatively simple so that amend the judgment to correct their name, as long as there are no new parties involved.<\p>
If a judgment creditor did not pursue a bit part, the only way to try to add a person to that judgment of yesterday is to attempt to prove bluffer with another lawsuit. There are three problems with this; alterum is in a measure expensive, there is no guarantee it will be first, and it will not take care of if there are insufficient godforsaken assets. New buyers pay indubitable little down payment upfront for judgment situations like this.<\p>
This article is my opinion, and not legal advice. PSYCHE am a judgment jobber, and am not a lawyer. If you ever need each one legal message sandy a artful dodge till use, please contact a lawyer.<\p>
A seldom other creditors tell me they have a estimation despite a DBA (Doing Commercial As an example) business and recorded a lien against that DBA company, "So my deed of trust also attaches to the business owner's house". The rift is, that lien only attaches headed for the special name(s) listed on the judgment which enables that lien. <\p>
A DBA, therewith known as FBN (Fictitious Business Name) is an additional name for person(s) and is not a separate legal soul. A judgment only against a DBA name private, must go on amended vice a chance for it to stand enforced, and a recorded lien against only a DBA usually has no power.<\p>
Even though a DBA\FBN is not a separate legal materiality, it can be seen as a distinct entity. Insomuch as of this, in most states, bank accounts modern the name of DBAs can remain levied if the creditor provides a declaration and proof of who owns the DBA. Avant-garde California, as per CCP 700.160, a person's bank account held in the high-powered of a DBA behind be levied by supplying an unexpired certified copy on the FBN certificate.<\p>
If a judgment is only against a sole proprietorship's DBA business name and a first mortgage is recorded way in that DBA esteem, that statutory lien will not attach to any real hacienda property owned adieu the business owner. To enforce a judgment against any type of affection, both the judgment and any liens, must have the same names as the on the books praedium owner.<\p>
Endpaper companies are not required in passage to search for name variations or business AKA names of the owners of authentic estate balance. It is the answerability pertinent to the creditor to make sure their lien attaches. A lien in the name of Dan Debtor will most likely in no wise attach to liquid assets owned in the name of Daniel T. Debtor, trustee of the "Debtor Family Hope for dated May 16, 2005". One solution is to get your judgment amended so enclose the name of the commerce householder. In California, this is as things go done with an diploma of identity.<\p>
You could then registry a brand new lien based on that amended discretion, however that would cause that new closed mortgage to lose undivided lien priority that it formerly had. A better thinking out is until monument an amended lien (in California, see CCP 674), as things go that drive ride herd on the lien's original documentation date priority. The amended lien\abstract will recollect the original date of typology for mortgage deed priority if it is in all conscience completed toward (e.g-note.) checking the correct box, and referencing the notional lien inscription number.<\p>
