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http://ssrn.com/abstract=567424
 
 

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The First Shall Be Last: A Contextual Argument for Abandoning Temporal Rules of Lien Priority


Ronald J. Mann


Columbia University - Law School


Texas Law Review, Vol. 75, No. 1, pp. 11-49, November 1996
U of Texas Law, Law and Econ Research Paper No. #

Abstract:     
This paper is an empirical and analytical investigation of priority in construction lending. It rests on a substantial set of interviews with construction lenders and borrowers. Generally, it argues that construction lenders are better placed than mechanic's lien claimants to implement procedures that limit the risk of borrower defalcation. Accordingly, it recommends a reversal of the ordinary rule of priority, which permits construction lenders to have priority over mechanic's lien claimants. A reversal of the rule of priority will more effectively police borrower defalcation.

Number of Pages in PDF File: 39

Keywords: lending, lien

JEL Classification: D23, K11

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Date posted: July 25, 2004  

Suggested Citation

Mann, Ronald J., The First Shall Be Last: A Contextual Argument for Abandoning Temporal Rules of Lien Priority. Texas Law Review, Vol. 75, No. 1, pp. 11-49, November 1996; U of Texas Law, Law and Econ Research Paper No. #. Available at SSRN: http://ssrn.com/abstract=567424

Contact Information

Ronald J. Mann (Contact Author)
Columbia University - Law School ( email )
435 West 116th Street
New York, NY 10025
United States
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