SB 783 Establishes the priority of real property security instruments over other interests, liens, and encumbrances
Sponsor: Romine
LR Number: 5650S.01I Fiscal Note available
Committee: Financial and Governmental Organizations and Elections
Last Action: 2/19/2014 - Second Read and Referred S Financial and Governmental Organizations and Elections Committee Journal Page: S318
Title: Calendar Position:
Effective Date: August 28, 2014

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Current Bill Summary

SB 783 - Security instruments to secure real property or real property improvements shall have priority over subsequently filed interests, liens, or encumbrances. The act establishes exceptions for real estate tax liens; interests, liens or encumbrances arising from an instrument recorded prior to the security instrument when priority is otherwise authorized by statute; and interests, liens or encumbrances for labor, services, materials rendered or installed on the real property prior to the recording of the security instrument which benefitted the property and of which the holder of the debt secured by the security agreement had actual prior notice.