And on the 46th Day, Who Wins?

This article provides a review of the basic principles of federal tax liens and secured transactions under Article 9 of the UCC ("Article 9") and discusses certain issues that arise with respect to the priority of federal tax liens against certain interest holders under the "45-day rule" of the Internal Revenue Code of 1986, as amended (the "Code").

23 minute read September 29, 2008 at 11:02 AM
By
Francis X. Buckley, JR. And Nicholas H. Kappas
And on the 46th Day, Who Wins?

Lenders, financiers, and other creditors are often aware of the ever-present danger of a federal tax lien lurking within a debtor's assets. It is one of many risks that typically must be taken into account in performing due diligence for any financing arrangement.

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