The Perilous Federal Tax Lien

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This article explores federal tax liens in detail and describes for commercial lenders (1) how to search for federal tax liens, (2) the general priority rules applicable to federal tax liens, including the important twin 45-day rules, and (3) how lenders can be primed by a federal tax lien, both as to floating collateral such as accounts and inventory, as well as the lender's future advances. It is important that commercial lenders be very familiar with the rules involving federal tax liens to avoid being primed by the IRS. The important of periodic federal tax lien searches is also discussed.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

© Bennett Cohen, Cohen, Salk & Huvard, P.C. | Attorney Advertising

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