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Posted: 2/1/2011 1:09:23 PM EDT
I inherited a small farm in the state of Kentucky that has a lean on it. Does anyone out there know if in the state of Kentucky do you inherit your fathers debt? The lean is a bad check written years ago...but we were told that we may not inherit this lean/debt from my dad. Meeting with a lawyer on Thursday, but wanted to see what the HIVE mind says. THANKS!
Link Posted: 2/1/2011 1:17:22 PM EDT
IMHO you will have to clear the lien. You don't inherit a debt, but the property was liened.

May be substantial - depending. May be able to negotiate - depending.
Link Posted: 2/1/2011 2:12:10 PM EDT
[Last Edit: 2/1/2011 2:12:50 PM EDT by FrankSymptoms]
Originally Posted By Maryland_Shooter:
IMHO you will have to clear the lien. You don't inherit a debt, but the property was liened.

May be substantial - depending. May be able to negotiate - depending.


Pretty much this. The lien (proper spelling) goes with the land. It is possible to inherit land with a lien; also, to buy land with a lien, even a lien that the seller fails to tell you about.

There are many different circumstances involving liens. A lien can be placed against a property for, for example, failure to pay taxes, or to pay dues to the property association. A mechanic's lien is levied against the property when, say, a roofer works his ass off and the contractor fails to pay him. The worker can then sue the property owner and get a lien on his property.

Liens, per Wikipedia.
Link Posted: 2/2/2011 9:08:34 AM EDT
Consult with a local attorney as liens have expiration periods that vary by state. Once a lien has expired, it is not enforcable any longer.
Link Posted: 2/2/2011 3:09:41 PM EDT
Originally Posted By spqrzilla:
Consult with a local attorney as liens have expiration periods that vary by state. Once a lien has expired, it is not enforcable any longer.


yep, this
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