Legal Question in Real Estate Law in New York

if i have a lien on a house and that house becomes destroyed and has to be knocked down and rebuilt, is the lien null and void


Asked on 3/02/14, 2:26 pm

3 Answers from Attorneys
David Slater David P. Slater, Esq.

Not if it same legal address and owner.

Read more
Answered on 3/02/14, 2:34 pm
Kevin Connolly Kevin J. Connolly

The lien would attach to the land. Depending on the type of lien, it may attach to the insurance proceeds. That is true of mechanic's liens as well as properly-prepared consensual liens (mortgages and the like).

Read more
Answered on 3/02/14, 2:40 pm
Walter LeVine Walter D. LeVine, Esq.

I agree, but anticipate a request to subordinate if the new construction is expected to cost more than insurance proceeds.

Read more
Answered on 3/02/14, 6:13 pm


Related Questions & Answers

More Real Estate and Real Property questions and answers in New York