Judgment in Action on Possessory Lien on Motor Vehicle: This is an official form from the North Carolina Administration of the Courts (AOC), which complies with all applicable laws and statutes. USLF amends and updates the forms as is required by North Carolina statutes and law.
North Carolina Judgment in Action on Possessory Lien on Motor Vehicle
State:
North Carolina
Control #:
NC-CVM-402
Format:
PDF
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FAQ
1 : of, arising from, or having the nature of possession possessory rights. 2 : having possession. 3 : characteristic of a possessor : possessive.
In real estate, the right of a person to occupy and/or exercise control over a particular plot of land; distinguished from an ownership interest. For example, a tenant with a long term lease has a possessory interest, but not an ownership interest.
Lenders will generally still lend on possessory titles when deeds have gone missing. However, the absence of deeds may affect value.In the case of lost title deeds, a statutory declaration from the seller must explain the loss satisfactorily before the lender will lend.
Possessory interest is the right and intent of someone to occupy or control a plot of land but does not include ownership of the land.In this case, the owner of the land is a non-profit or non-taxable entity.
Although the two terms are often confused, possession is not the same as ownership. No legal rule states that "possession is nine-tenths of the law," but this phrase is often used to suggest that someone who possesses an object is most likely its owner.However, the owner of an object may not always possess the object.
Possessory right means a court-ordered right of possession of or access to a child, including conservatorship, custody, and visitation.
After the land has been registered with a possessory title for at least 12 years, the owner can apply to the Land Registry for an upgrade to absolute title.
Absolute title is the best class of title and this is the class of title granted in most cases. Possessory title tends to be granted where an owner is unable to provide documentary evidence of their title to the land for example, where deeds have been lost in a fire or simply lost over time.
There are three main types of possessory interests: fee simple absolute, life estate, and leasehold.