It Is Possible That a Mechanic's Lien Will Have Priority

question 11

True/False

It is possible that a mechanic's lien will have priority over a mortgage even thoughthe mortgage was recorded first.
(Answers in boldface are correct)

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Definitions:

Novation

The act of replacing an existing contract with a new one, whereby a new party takes over the rights and duties of the original agreement.

Joint Venture

A business arrangement in which two or more parties agree to combine their resources for accomplishing a specific task or project.

Principles Application

The act of applying fundamental truths or propositions that serve as the foundation for a system of belief or behavior.

Partnerships

An official business operation conducted by two or more people, with a shared management system and profit allocation.