24 C.F.R. § 27.40
Disposition of sale proceeds
(a) The priority of the Secretary's lien shall be determined by the Federal first-in-time first-in-right rule. State laws affording priority to liens recorded after the mortgage are preempted.
(b) If there is more than one party holding a lien or assessment payable from sales proceeds, the claim of each party holding the same kind of lien or assessment will be given the relative priority to which it would be entitled under the law of the State in which the security property is located.
(c) The commissioner will keep such records as will permit the Secretary to verify the costs claimed under section 369C of the Act (12 U.S.C. 3711), and otherwise to audit the commissioner's disposition of the sale proceeds.
Notes of Decisions
Cited in 2
cases, 2005–2016 · leading case: C.D. Barnes Assocs., Inc. v. Grand Haven Hideaway Ltd. P'ship, 406 F. Supp. 2d 801 (W.D. Mich. 2005).
C.D. Barnes Assocs., Inc. v. Grand Haven Hideaway Ltd. P'ship, 406 F. Supp. 2d 801 (W.D. Mich. 2005). “” 24 C.F.R. § 27.40 (a). Thus, under HUD regulations, the MMFA preempts state construction lien law whenever HUD conducts a foreclosure sale pursuant to the MMFA.”
Jackson Land Holding Co LLC v. City of Detroit (Mich. Ct. App. 2016). “The federal statute and regulation, 12 USC 3712 and 24 CFR 27.40 (2016), address only the priority of liens and the disbursement of foreclosure proceeds.”
— 24 C.F.R. § 27.40(a) — 1 case
Jackson Land Holding Co LLC v. City of Detroit (Mich. Ct. App. 2016). “The federal statute and regulation, 12 USC 3712 and 24 CFR 27.40 (2016), address only the priority of liens and the disbursement of foreclosure proceeds.”
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