Re: [DML] Re: Cars at IRS Auction

[lordshill@xxxxxxx]

Dave... The IRS must list the senior lien holders to the public.  The  
Federal Tax Lien sale will extinguish any junior lien holder.  In this  particular 
case the only creditor listed is the IRS.  The form that the IRS  issues would 
have listed both senior and junior lien in addition to the Federal  Tax liens. 
 In fact the IRS is required to notify both junior and senior  creditors.  In 
this particular case there are none.  How a Federal Tax  Lien competes with 
various forms of creditor filings (UCC-1; Judgements;Liens  etc) depends upon 
the property in question.  I taught Federal Tax law for  years while employed 
by the IRS and it is a difficult subject to  understand.  In this case 
(Delorean; Bentley; etc) the winner of the  auction will be receiving a certificate of 
sale that can be used to secure a  clean title upon registration of the 
vehicle.  
 
Roy
0893
 
 
In a message dated 11/23/2005 10:53:50 A.M. Eastern Standard Time,  
jtrealty@xxxxxxxxxxxxx writes:

When you  buy a car at an auction like this it is up to the bidder to
know (or  assume) any liens or encumberances that may or may not be on
the title of  these cars. The only thing the IRS can say is that THEY
(the IRS) no longer  have any claim on the title. As many of you may
know the IRS can come  before any other claims like a bank so if you
bid on any of these cars be  warned that before you will be able to
title and register any of these cars  you may have to satisfy a loan or
a lien. If you do not you may find that  the car will be repossesed by
a bank.
David Teitelbaum
vin  10757


 


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