Mississippi Subordination of Mortgage Lien to Easement and Right of Way is a legal process that involves modifying the priority of various property interests in the state of Mississippi. This allows the easements and rights of way to take precedence over previously established mortgage liens. In Mississippi, there are primarily two types of subordination related to easements and rights of way: voluntary subordination and involuntary subordination. Voluntary subordination of a mortgage lien occurs when a property owner willingly agrees to subordinate their mortgage lien to an easement or right of way. This generally happens when the property owner wants to facilitate the development of public infrastructure, such as roads, power lines, or utility networks. By voluntarily subordinating the mortgage lien, the property owner acknowledges that the easement or right of way has priority over their mortgage in the event of foreclosure or any legal actions. Involuntary subordination, on the other hand, occurs when a court mandates the subordination of a mortgage lien to an easement or right of way. This typically happens when the easement or right of way serves a greater public interest, such as improving transportation, expanding public services, or promoting economic development. The court evaluates the necessity and importance of the easement or right of way and decides to subordinate the mortgage lien accordingly. The subordination process involves filing legal documents with the appropriate county or state authorities, usually the County Recorder or Clerk of Court. These documents include a Subordination Agreement, which outlines the details of the subordination and is signed by all involved parties, including the property owner, the mortgage lender, and the entity benefiting from the easement or right of way. It is crucial to note that subordination of mortgage lien to easement and right of way does not generally cancel or release the mortgage debt. Instead, it rearranges the order of priority in which different claims on the property will be satisfied. In case of foreclosure or sale, the easement or right of way holders will be given priority in receiving compensation before the mortgage lender. In summary, Mississippi Subordination of Mortgage Lien to Easement and Right of Way is a legal process that alters the priority of mortgage liens to accommodate public easements or rights of way. The two main types are voluntary and involuntary subordination, each serving different purposes and situations. Subordination agreements are essential legal documents filed with appropriate authorities to establish and formalize the subordination.
Mississippi Subordinaton of Mortgage Lien to Easement and Right of Way
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FAQ
An easement usually is written so that it lasts forever. This is known as a perpetual easement. Where state law allows, an easement may be written for a specified period of years; this is known as a term easement. Only gifts of perpetual easement, however, can qualify a donor for income- and estate-tax benefits.
The owner of a negative easement is able to prevent the owner or possessor of the property from using the land in a manner that is described by the terms of the easement. In other words, an easement is a right to use another person's land for a limited purpose or to prevent the use of that land for a specific purpose.
If an easement is recorded on a property that is subject to a previously existing mortgage, the rights of the holder of the mortgage come before the rights of the easement holder. That is, unless the mortgage holder agrees to change the first in time, first in right rule.
Dominant estate (also called dominant tenement) refers to the property that uses an easement over another property. For example, if lot A had an easement over lot B to access the highway, lot A would be the dominant estate.
If an entity is granted an easement under Mississippi real estate law, it has the non-possessory right to use another person's land for a specific purpose. This may involve a portion of land or a larger area of the property.
Generally, the owner of any easement has a duty to maintain the easement. If the easement is owned by more than one person, or is attached parcels of land under different ownership, each owner must share in the cost of maintaining the easement pursuant to their agreement.
