15:24
ok thanks! appreciate the insight
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LSDefine
Simple English definitions for legal terms
Recording act
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A quick definition of Recording act:
A recording act is a law that says when someone buys or claims property, they have to record it with the government. This helps keep track of who owns what. The law also decides who gets priority if two people claim the same property. There are three types of recording acts: Race, Notice, and Race-Notice.
A more thorough explanation:
A recording act is a law that governs the process of recording deeds and other interests in property. It also determines the priority of claims made by different parties on the same property. There are three major types of recording acts: Race statute, Notice statute, and Race-notice statute.
A race statute gives priority to the party who records their interest in the property first. For example, if Party A sells their property to Party B, but Party A had already sold the same property to Party C, and Party C records their interest in the property before Party B, then Party C will have priority over Party B.
A notice statute gives priority to the party who records their interest in the property first, as long as they did not have notice of any prior claims made by other parties. For example, if Party A sells their property to Party B, but Party A had already sold the same property to Party C, and Party B records their interest in the property before Party C, but Party B had no knowledge of Party C's prior claim, then Party B will have priority over Party C.
A race-notice statute combines the features of both race and notice statutes. It gives priority to the party who records their interest in the property first and without notice of any prior claims made by other parties. For example, if Party A sells their property to Party B, but Party A had already sold the same property to Party C, and Party B records their interest in the property before Party C and without knowledge of Party C's prior claim, then Party B will have priority over Party C.