Mel Feller Looks at Tax Lien Investing Mel Feller loves real estate, and he has been buying and selling real estate since he was 16 years old. He was a Realtor right out of high school and held a real estate license for 20 years. He hold property in multiple states. His specialties include creative financing and a deep love for tax lien and deeds.

1. Mel FellerLooks at Tax LienInvesting
Mel Fellerlovesreal estate,andhe hasbeenbuyingandsellingreal estate since he was16 yearsold. He
was a Realtorrightout of highschool and helda real estate license for20years. He holdpropertyin
multiple states. Hisspecialtiesincludecreative financingandadeeplove fortax lienanddeeds.
The firstthingMel wantsto pointoutis that if you
expect50%,100%, and 1000% returnsas portrayedby
infomercialsandslickwebsalesmen,youmayas well
not readany further.Tax lieninvestingshouldbe looked
at as a modestreturn,lowerriskinvestment.Goals
shouldbe setbetween10% and15% as a net return
each year.Sure,youmay geta foreclosure andhita
home run occasionally,butafteryour overall costsand
almostguaranteedmistakesorforeclosure difficulties,
your returnwill probablymatchthese numbers.If your
returnis anyhigher,youhave beenverydiligentinyourresearch,efficientinyourdue-diligence,and
veryluckyinforeclosures.Foreclosuresdonotcome easyor oftenasportrayedinmost ‘sales’literature
and seminars.
Municipal taxingauthorities(counties) inreturnforthe paymentof delinquentpropertytaxesissue
propertytax liens.Formunicipalitieswithpoortax collectionrates,the sale of liensnotonlygenerates
revenue fromnon-performingassets,butalsosparesgovernmentsthe politicallyawkwardchoresof
evictionandforeclosure.Theyearninterestasspecifiedbystate statutes(8%–50%) andare securedby
the underlyingreal property.The liensare issuedwhenapropertyisdelinquentonitspropertytaxes.
Thisincludesindustrial,residential,commercial,andspeciallyzonedpropertyandland.These liensare
thenauctionedonthe openmarketplace toindividuals,firms,large corporationsandwhoeverelse
showsupat the auctions.
Tax liensare superiortoall otherliens,includingthe IRSandmortgages.Tax deedsare the actual
conveyance of the real propertyitself subsequenttoforeclosure bythe municipal taxingauthority.
$9.7 billiondollarsindelinquentpropertytaxesare createdeachyearwithtotal size of the marketat
any giventime beinginthe $20 billiondollarrange.566 municipalitiessell municipalliensinNJalone.
The industryisgrowingat a rate of 8 to 12% peryear.There are currentlyabout31 statesthat issue tax
liens.
There are twotypesof returnsin tax lieninvesting:

2. Redemption –A lienredeems(paysoff) duringitsredemptionperiodandyoumake back yourprincipal,
fees,anda percentage returnonyourprincipal investment.Redemptionperiodsvarystate tostate and
range from a periodof one to fouryears.
Foreclosure –takingpossessionof the underlyingpropertyafterthe propertyownerhasfailedto
redeemwithinthe redemptionperiod.Foreclosure lawsvaryfromstate tostate anddifficultyof
foreclosure isjustasvaried.
There are variouspartsof the marketplace where youcanmake moneyinone of these twoways.
However,almostall ‘product’beginsatthe auctions.
Dependingontime of redemption,the biddingsystemandstate law,atax buyercan earnanywhere
from12% to 24% interestthe firstyearbypurchasingcertificates.Interestearnedforthe secondyear
can range upwardsfrom24% to50%. Each redemption rate of interestcanbe foundinthe code or
statute of a giventax lientype state.Thisinterestrate issetintolaw and can onlybe changedby an act
of legislation.
In eachcase, the individual,estate,orotherentitythatowesthose taxeshasaperiodwithinwhichthey
have absolute righttopay that lienoff (redeem).Thatvariesbystate (FLis 2 years,SCis 1 year).They
pay yourprincipal (whatyoupaidforthe lienat the auction),fees(filing,notices,etc),andanypenalties
that may be issuedaccordingtostate statute.If theydo not redeemthe deedwithinthistime,the lien
holderhasthe right to file fordeed.The statutesandproceduresvarybystate,soreferto the state
statutesforexactdetailsandprocess.The Tax Collector’soffice isagoodsource for thisinformation.
Understandingthe underlyingcausesof delinquencyisimportantbecause theyreflectthe taxpayer's
abilitytoeventuallymake payment.The followingsituationsare otherreasonsthattaxesare delinquent
otherthan the complete inabilitytopay.
A. Taxpayersmaymisspaymentssimplybecauseamunicipalitylacksthe resourcesorexpertise to
effectivelyservice receivables.These taxpayerswill typicallypayafterthe introductionof more
aggressive servicingtechniques,suchasthe threatof foreclosure.
B. Taxpayersthat skippaymentsdue toshort-termfinancial distressortemporarylackof liquidityare
alsolikelytoredeemoutstandingliens.Whenthistype of taxpayerlacksnecessaryfundsorfacesmore
insistentcreditors,municipal redemptionperiodsof one ortwoyearstypicallyprovidesufficient
opportunityforthe taxpayerstobecome current.Because tax obligationsare relativelysmall,these
taxpayersgenerallymake paymentsaftertheirmore pressingfinancial difficultiesare resolved.

3. C. Some commercial propertyownersandlargertaxpayersdopossesssufficientresourcesfor
payment,butuse delinquencyasaform of financing.If the jurisdiction’sdelinquencypenaltiesare
competitivewiththe rateschargedbyregularlenders,atax lienofferspropertyownersa'no
documentation'loanforthe lengthof the redemptionperiod.'Nodocumentationloan'delinquencies
will realize ahighvoluntarypaymentrate,butonlyasforeclosuresbecomeimminent.
D. Voluntaryredemptionsare dramaticallylowerif the underlyingpropertyvalueislessthanthe sum
of outstandingtaxesandotherclaimsonthe property.Cashflowsfromthistype of propertyare limited
to liquidationproceeds.If foreclosure andliquidationexpensesexceedthe property'sliquidation
proceeds,these propertieswillnotgenerate anycashflow.
There are otherreasonsthata propertymaybe tax delinquentbutthese are the maincauses.
There are several questionsyoumustaskyourself firsttohelpdetermine whetherornotyou should
evenbe investingintax liensandbywhatmeans.
Doesthisfitmy investmentgoalsandstrategies?
Is an investmentinstrumentthatbringsthe returnof 10-20% somethingthatinterestsme?
Can I affordto have capital illiquidfora numberof yearsif that’s how longit mighttake to redeemor
foreclose?
You shouldhave aYES answertoall of these questionstoplanonmovingforward
withtax lieninvesting.
Can I handle the investment?
Do I have the time to go to auctions,dodue-diligence work,findopportunities,assessdataoraffordto
pay forthose services?
If I endupwithreal estate,will Ihave the meanstomanage the foreclosure andREO(propertyrealized
throughforeclosure)?
You shouldhave a YES answerto all of these questionstoplanonmovingforwardwithtax lien
investing.
Do I mindgettingmyhandsdirty?
Do I mindcompetition(andsometimesstiffcompetition) atanauction?

4. Do I have the wherewithaltodeal withthe inconsistencies,andsometimes,downrightstubbornnessof
the county?
Can I reallytake someone’spropertyfromthemif thatiswhatit comesdownto?
You shouldhave a YES answerto the firsttwoquestionstoplanto move forwardontax lieninvesting.
You can alwayspasson takingsomeone’sproperty,butyouwill alsopassonprofits.
Nextstepindeterminingwhetherthisisagoodinvestmentinstrumentforyouisrealizingthere istime
and costsinvolvedintax lieninvestingandrequiresdedicatedfundsneededtonotonlymake the
purchaseswith,butto maintainthemaswell.The level of time andcostswill varyandincrease
dependingonyourpersonal involvementandyourlevelof diligenceinyourresearchtomake good
investmentdecisions.
A. Due-diligence:
You can get a listof tax liensforanupcomingauction,whichtypicallycomesout3to 4 weekspriorto
the sale.Some countieshave 10’sof thousandsof parcel #’s (BrowardCo,FL – approx.33,000 in2002).
So youcan see,time maybe of a real issue dependingonyourcapabilities.The listwill typicallyhave
parcel #’s, ownername,addressorlegal description,landuse,andassessedvalue.Since thisisall the
typical investorhasavailabletothem,we will workoff this.There isotherinformationavailable
sometimesandbetterwaysof obtainingit.
The firsttasks will includethe followingandthe amountof time doingthiswill varydependingonthe
size of the list.
Decide whatkindof propertiesyouwill bidon
Determine amountof investmentcapital youhave forthe auction
Decide whatprice range youwill bidon
Decide whatareasyou will bidon
Mark those onthe list
Cost - $0.00 if you use the listthat ispublishedinthe local paperpriortothe sale.Theywill also
have a listatthe auctionandsometimescharge afew bucksfor that.

5. You may thendecide thatyouwantto lookat these properties,like anysmartpersonwoulddo.How
manypropertiescanyoudrive by in3 weeksanddoyouhave the time todo it at all.Some people ski p
thisaltogetherandtake theirchancesbybuyingbasedonthe listinformation.Youcandecide if the
addedriskinnot knowingexactlywhatyouare buyingisacceptable because of yourtime restraints.
However,if youare goingto lookat them, the followingtime isinvolved.
Decide whichpropertiesyouare goingtolookat
Map those properties
Drive those properties
Eithermake notesonthe value of thatpropertyand area or justmark yeson propertiesthatseemtobe
OK.You can alsodevelopyourown ratingsystem.
Cost – Gas andfilmif youare takingpicturesandnot usinga digital camera
If there is a propertywithoutanaddress,youmaychoose to go to the assessoror appraiser'soffice to
retrieve tax maps.Tax maps are eitheraerial orplatmaps that identifythe exactconfinesof aproperty
and itsexactlocation.Insome municipalities,we recommendgettingtax mapsforeverypropertyyou
are consideringpurchasingliensonbecause of inconsistenciesinthe county’saddressinformation.
Nearly everyofficehasa differentsystemforpullingtax mapsbutgoto the Tax CollectorsorTax
Assessorsoffice andaskthem.Once youare,there doingit,theymaydo itfor you or youmay have to
do ityourself.Some mapsystemsare veryhardto readand findingeachpropertymaytake 5 to 10
minutesjusttolocate.So,if you have a listof more than 20 propertiesthatneedtax maps,planonat
leasta full dayto retrieve maps.
Have your listof propertiestoretrieve mapsforwithparcel orpropertyaccountnumbersready
Pull mapsand locate eachone
Have copiesmade
Map
Physicallylookatproperty
Nowyouhave your listof what youare biddingon.
B. Auctions:
Some auctionscharge a bidderfee butotherthan that, youjust needtobringthe moneyyouare
planningtoinvest.Some countiesrequireyoutopayat the endof the auctionforeverythingandsome

6. will allow24hrsfor payment,butIwouldnotcount on that.Be preparedtopay at the endof the
auction.
Cost – up to $150
C. Servicing:
Duringthe life of yourportfolio,youare goingto have tomaintainitif you wanta betteroutcome and
thisincludesfilingnoticesandreceivingredemptionchecks(whichtakestrackingandaccounting).If you
are a largerinvestorandyourportfoliois$500,000 or more,itmay make sense tohire a professional
Servicertomanage your portfolio.Typically,thiswillcostyouabout2% of the value of yourportfolio
each year.
Costs– be preparedto payfilingfees(whichvary) anddependingonyourlevelof investmentyoumay
have to pay subsequentorpriortaxesif youwant to proceedtoforeclosure.Thesetaxes,filingfeesand
otherminorchargesfrom the countyare ‘rolled’upintoyourinitial investmentandyouwill earn
interestonthatas well.
Ground Rules
Ground rulesare handouts,mail outsor informationgiventopotentialinvestorsfromcounty
governmentsoutliningthe requirementsforthe sale.Informationusuallyincludedinthese groundrules
are time,place anddate of sale;depositrequirements,if any;interestrate;redemptionperiods;bidding
system;biddingincrements;and/orsummarizationof statutes.Thesegroundrulesdonotnecessarily
teachyou howto become a successful tax lieninvestorandwill notinclude veryspecificinformation
aboutall the otheraspectsof investing,filingdeeds,filingnotices,orforeclosure details,etc.
To findoutwhat the exactrulesare ontax lieninvestingandforeclosure lawsforyourarea,referto
your state statutes.Some countiesorstate websiteswill have thisinformationpostedorthe Tax
Collector’soffice mayprovide all of thisinformationtoyouaswell.
RegisteringForThe Sale

7. Procedure variesbycounty.Youmust have a social securityortax ID numberandcomplete aW-9 form
(W-8 formfor foreignindividualsorentities). Inaddition,the countymayrequire theirownregistration
formfor general contactinformation.
Alsoknowas a BuyerNumber,abiddernumberisassignedbythe Tax Collectorat the time of
registration,similartoanaccount numberallowsyoutobidunderthat number. Inmost countiesyour
biddernumberstaysthe same fromyearto year.You may have more than one biddernumberif you
wantto have two separate portfolios.Whenyouwinasuccessful bid,thatbidwill be assignedtoyour
numberforthat particularparcel.
BiddingSystems
Some statesbid-downaninterestrate,meaningthatbiddingstartsata particularpercentage (inFL
18%) and participantsbidinincrements.The bidderwillingtotake the leastamountof interestonthe
moneyowedwinsthe bid.If youbid10% on a particulartax lien,yougetthatrate of returnoverthe
redemptionperiod.If the lienispaidoff in1year and the lienwas$10,000, thenyouwill make $1,000
plusfilingfeesandsometimesotherpenalties.
Otherstatesare over-bid.Biddingstartsatthe amountof taxesowedandbidsupfrom there.Thismay
continue tobidup to assessedvalue ormore dependingonthe competition.Youwillthenhave topay
the taxesowedandplace as a ‘goodfaith’depositthe amountof the overbid.Youmayonlyhave to
place a percentage of thisoverbidasa depositandthe amountof interestyouearnand the amount
earnedonwill vary.
Some states,suchas NJ,are a mixture of bothtype auctionswhere biddingwill start ata percentage
rate,biddownto zero andthenbiddingwithapremiumattachedbegins.Boththese type states
obviouslyrequire more investmentcapital andare not recommendedforbeginners.
here are basically5differentgroupsatthe auctions.
A. Spectators(25-35%)
B. ‘Mom & Pops’(45-55%)

8. C. Local real estate ‘experts’(10%)
D. Mid size portfolioholders(5%)
E. Institutionalandcorporate investors(includingbanks) (1-2%)
Characteristicsof auctionsvaryfromplace to place,butthe above isa close scenariotowhat youwill
experience atnearlyall auctions.Overthe lastseveral years,the InstitutionalandCorporate investors
have createdthe most competition.
In general,youcanchoose the type propertiesyouare willingtopurchase liensonandthendoone of
three things.Setyouinvestmentsgearedonbuyingliensthatare more likelytoforeclose orthatare
more likelytoredeem.However,if youare a bitmore sophisticatedinyourstrategyandwantto try and
realize foreclosure butalsowantarelativelysteadycashflow inthe interim, youmaywanttodo both.
Once you thinkyouhave a strategydownfor buyingliensthatare more likelytoredeem, youcan
allocate a certainpercentage of yourfundstopurchasingthose type liens.Thenyoucanallocate the rest
intopurchasesthat are more likelytoforeclose andwaitoutthe redemptionperiodorpurchase more
mature liens.Thisisnotan exactscience,butitis likelyif youhave aninterestandinclinationto doso,
that youwill considerthe followinginformationwhendeterminingabiddingstrategyforyourself.
The reasonwe are mentioningriskhere isthe acceptance oravoidance of riskisstrategyinitself.If you
accept the riskof investinginliensin general andoncertainproperties,thenyoumusthave aplanwith
dealingwiththe realitythatmaycome fromthat risk.Many situationscanbe overcome if youhave the
meansto deal withit,some will plainlybe alossor write-off,andafew couldbecome ‘nightmarish’.
Althoughthe likelihoodof redemptioncanbe assessedtosome extent,we will considerthe advantages
and disadvantagesasif theywere onforeclosures,sincethatiswhere yourpotential forsinglelargest
profitsandsingle largestlossesare.
Vacant residential –
Potential Advantages
You knowexactlywhatyourgetting
If large enoughyoucan divide intomultiple lots,potentiallyincreasingyourinvestment
Cleanslate fordevelopment

9. In some areas,these resell like hotcakes
Potential Disadvantages
If nextto or verynear a gas stationor otherpotential EPA risks,there couldbe anEPA riskfor the lot as
well
Many times,these lotsare unkemptandgetfinespiledonbythe cityfor the ownernot maintainingthe
property
There can be zoningissuesthatarise since nostructure is currentlythere whentryingtobuild
somethingnew.If the citysodesires,theycanchange or denyzoningforthe propertybecause of this
Vacant Commercial –
Potential AdvantagesandDisadvantagesare same asabove withzoningandEPA issuesbeingpotentially
largerproblems
Vacant Industrial –
Potential AdvantagesandDisadvantagesare same asabove withzoningandEPA issuesbeingpotentially
much largerproblems.Sellinglandzonedindustrialcanbe very difficultbecauseof these potential
issues,especiallysince itislikelythatthere are EPA issueswiththe propertyitself.
CommonAreas& Easements –
Potential Advantages
None
Potential Disadvantages
Impossibletodevelop
Impossibletosell
ZonedOther– usuallyparksor schools
Potential Advantages
Betterhave a good lawyer

10. Potential Disadvantages
Betterhave a good lawyer
However,if youare able to lookfurtherintothe propertiesthatare zoned‘Other’youmaylocate a
goodfind – somethingthatisverylikelytopayoff or is justa strange,but marketable commercial
property.If there isgooddata from the countyand youhave the abilitytodiga little,Iwouldnot
necessarilydiscountthese.
Government&UniversityLand
Don’teventhinkaboutit
Mobile Homes
The potential advantagesare notverysignificant,eithertheyare goingtopay off or theyare notwith
one potentiallybigproblem –theycandrive off at any time if theyare not one of the largeraffixed
mobile homes
Residential
Potential Advantages
Large profitpotential
Likelytopay off if ‘Lien-To-Value”islow
Can provide forgoodrehabopportunities,thusprovidingfliporincome property
Potential Disadvantages
House burnsor is destroyedinsome otherwayandthe resultingpropertyisworthlessthanthe lienyou
boughtplusany priorsor subsyoumay have to pay off to foreclose
Bankruptciesandotherlegal issues –these canpopup but are usuallylistedinthe informationwiththe
county.But theycan occur betweenthe time youbuythe lienandredemptionperiodend
You have to choose whetherornotyou wantto take a lossor take some poorold ladieshome.Its
somethingyoumayhave todeal with.Justthe truth here folks.
Commercial Property

11. Potential AdvantagesandDisadvantagesare basicallythe same withEPA risksbeinganissue depending
on type property.Youwill see ahigherrate of foreclosure onlesserqualitypropertiesdue tothe higher
likelihoodthatitmaybecome awrite-off foracorporation or individualif the ‘Lien-To-Value’ishigher.
Rememberthough,ittypicallytakesalotmore knowledge andefforttorehaba commercial property
Industrial Property
These are alwaysa bit riskydue tozoningrestrictions,potential EPA risks,andthe marketabilityof such
properties.If the businesslookstobe ingoodshape,‘Lien-To-Value’isnotexceptionallyhigh,andthere
are no large EPA or zoningissues,theyare likelytopayoff.If youendup in foreclosure andthe lienhas
not cost youthat much,as longas you can fundthe assetuntil itsellsorre-leases,youprobablymade a
lotof money.
Government&UniversityProperty
Don’teventhinkaboutit
PriorTaxes
If a redemptionperiodexpiresandyougainthe rightto file tax deed,youmayneedtopay off prior
yearsto file deed.Thisthenbecomesanotherinvestment.The Clerk’soffice orTax Collector’soffice will
provide thisinformationonce youclaiminterestinfilingdeed.Youmustdetermine investmentvs.
marketvalue,thendecide if itisworthitto continue withfilingthe tax deedandsubsequent
foreclosure,if available.If not,youwill hope thatsome otherlienholderfromanotheryearwill findit
worthit to do soor the propertyownereventuallypaysoff the lien.Otherwise,youmaybe stuckwith
your investment.
SubsequentTaxes
Whenpropertyownersbecome delinquentinpayingtheirtaxes,these are calleddefaulted,delinquent,
or back taxes. If taxesaren'tpaidthe second,thirdorfourthyear,these are calledsubsequenttaxes.In
some statesa tax purchaserisrequiredtopaythese subsequenttaxes,thusresultinginanincreased
investment.Some stateswill have asubsequenttax sale and the original tax purchaserisredeemed.In
others,youmay lose yourinvestmentforfailure topaythese taxes.Allstateshave theirpeculiaritieson
the proceduresforhandlingthese subsequenttaxes.Youwill earninterestonsubsequenttaxes.
Tax DeedProcess

12. Tax Deedsare issuedbythe Clerkof the Court. Once the redemptionperiodhaspassedandall
subsequentorpriortaxesare satisfied,if needbe,the righttofile deedbecomesrealized.Insome
states,suchas SC, the deedisimmediatelyissued uponthe filingof deed.Inotherstates,suchasFL, the
deedisthenplacedonthe tax sale roll forthe deedtobe auctionedata tax deedsale.The actual sale
may notoccur forthat particularpropertyfora numberof months,butinmost statesyouwill earnthe
maximuminterestontotal taxesowedduringthattime period.Youmaystill be outbidatthe tax deed
sale bya competitivebidder,since the salesare heldasan openmarketplace aswell.Theywill thenin
turn payeverythingthatisowedto you.So, itsstill notsuch a bad deal.
Notices&Foreclosure
Noticesare of the extreme utmostimportance.Givingthe propernoticesisjustasimportantasbidding.
If you are the successful bidderona valuable pieceof propertyandyouacquire this property,youcan
lose everythingif youhave failedtogive the propernotices.Insome counties,the treasurer,tax
collectororauditorwill performthistaskforyou.However,itisyourresponsibilitytogetthese
proceduresdone,evenremindingthe countyofficial todothis.
In everystate code or statute there are notice requirements.Mortgagees,lienholders,creditors,heirs,
ownersof record,etc. thathave an interestinpropertyare called"interestedparties."Allinterested
partieshave tobe notified,eitherbypublication,certifiedmail,bypersonal service bysheriff orjusta
posting.If interestedpartiesaren'tnotifiedasprescribedbylaw,thentax buyerwill notreceive adeed,
or deedwill be attackedata laterdate.Each state's statutesor codesalwayshave sectionspertainingto
the requirementsfornotificationof interestedparties.Some of these requirementsare indetail.These
noticesare givennotonlyforthe benefitof the propertyowner,butforthe interestedparties. Thisis
due processof law.These noticesgive the interestpartiesthe rightto"notlose theirpropertyata tax
sale,or the rightto redeemorrecoverownershipof theirpropertyorinterestinproperty."
If all noticesare givenproperlyandyouare notredeemed,thenthatisjusttoobad for the interested
parties.Youwill receive the property.Interestedpartiesforfeitownershiptopropertyfora multitude of
reasons.
Title Issues
Title insurance companieswillnotinsure atax deed.Insome casestheymay insure the title afterthe tax
deedhasbeenissuedfor4 years,otherssaytheywill after20 years.If youwantto sell the propertyand
offertitle insurance youmustfileaQuietTitle Suit.The QuietTitle processisnotcomplicated,butitwill

13. require hiringanattorney.Itisrecommendedthatyouuse a company/attorneythatspecializeinQuiet
Title Suits.The minimumfeeis$300 - $500 fora non-contestedsuit.If the formerownerfilesananswer
thiswill require more of the attorneys time andpossiblyappearingincourtfora hearing,increasing
your cost.
Duringthe tax deedprocessa title searchisconductedonthe property,youpaidfor itand youhave a
rightto obtaina copy of it.Make sure youalwaysgeta copy.It will be helpful andshouldsave you
additional expense inthe eventyouchose tofile foraquiettitle.Itisalsorecommendedthatyouwrite
letterstoformerownersandofferingtopaythema small fee ($100 - $200.) inexchange forthem
signingaQuit-ClaimDeed. Thiswill avoidthe QuietTitle Suitandtheirname beingpublishedinthe
paper.Fewwill take youupon youroffer,butit iswell worththe try,and youget to at leastverifytheir
addresssoyour attorneycan serve themwithnotice if youfile the QuietTitleSuit.If youreceiveand
record a Quit-ClaimDeedyoucanoffertitle insurance.
IndisputableReferences
> UnitedStatesConstitution,IV,Sec.3(2);plusthe V,IX& X Amendments
> UnitedStatesSupreme Court,Chief Justice Marshall,McCullochv.MD (1819)
> UnitedStatesCourtof Appeals5th Circuit,554 F.2d.216 (1977)
> UnitedStatesCourtof Appeals,2ndCircuit,Mikulecv.IRS(1983)
> UnitedStatesDistrictCourt,Birdville v.Hurst,RTC,FSLIC,General Elect.(1992)
> Internal Revenue Service Code,Reg.301-6323 (statestax liensare superiortoIRSliens)
> Article IIIof the UniformCommercial Code (UCC) - as adoptedinall 50 states