The Ebola of Economics????? Priority Liens for RADS

Editor's Note:  The Commentator has uncovered sources which indicate that it is the banks which are having heart burn over the Snowshoe RAD proposal.  There seems to be some major concern about the loss of property value if Snowshoe is allowed to borrow money on the equity of the land owners.  Our source indicated that this could result in banks looking at Snowshoe Properties as "high risk" thereby driving interest rate up or even worse drying up the banks willingness to back high risk investments.  We are following this matter closely.  

Our source was quite confident that Walker will stay solid on the RAD proposal and that Commissioner Bill Beard is the likely swing vote who could impose the RAD on Snowshoe homeowners.  Commissioner David Fleming is in Snowshoe's control.

2013 West Virginia Code
CHAPTER 7. COUNTY COMMISSIONS AND OFFICERS
ARTICLE 25. RESORT AREA DISTRICTS.
§7-25-22. Liens; recording notice of liens; priority; release of lien; notice to future property owners.

Universal Citation: WV Code § 7-25-22 (through 1st Spec. Sess. 2013)

(a) With the exception of property exempt from assessment pursuant to section eighteen of this article, there shall be a lien on all real property located within the resort area district for the assessments imposed by section seventeen of this article, which lien shall attach to those parcels made subject to the assessment on the date specified in the notice to property owners. A notice of the liens of said assessments referring to the assessing resolution and setting forth a list of the property assessed, described respectively as to amounts of assessment, ownership and location of the property, shall be certified, by the chairman and secretary of the board, to the clerk of the county commission of the county wherein the project is located. The county clerk shall record the notice of such lien in the appropriate trust deed book or other appropriate county lien book and index the same in the name of each owner of real property assessed. From the date of an assessment, the trustee, for the benefit of bondholders if assessment bonds are issued by the resort area district, and/or the district shall have such lien and shall be entitled to enforce the same in its, his, her or their name to the extent of the amount, including principal and interest and any penalty due for any failure to pay an installment when due, of such assessments and against the property to which the assessment applies, as to any assessment not paid as and when due. The trustee or the district, as an alternative to the enforcement provision set forth in section twenty-one of this article, are granted all legal remedies as are necessary to collect the assessment. Such assessments shall be and constitute liens for the benefit of the resort area district or the trustee, for the benefit of bondholders if assessment bonds are issued by the resort area district, upon the respective lots and parcels of land assessed and shall have priority over all other liens except to those for land taxes due the state, county and municipality and except any liens for preexisting special assessments provided under this code. If any assessment is revised in accordance with this article, the lien created by this section shall extend to the assessment so revised and shall have the same priority as the priority of the lien created upon the laying of the original assessment. Such assessments and interest thereon shall be paid by the owners of the property assessed as and when the installments are due. Following the payment in full of any assessment bonds including any interest thereon, the chairman and secretary of the board shall execute a release of all liens and shall certify the same to county clerk for recondition.

(b) Following the grant of any assessment on property as provided in this article, the seller of such property shall provide reasonable disclosure to the buyer in the real estate contract that an assessment has been granted on the property, the amount of the assessment and the duration of the assessment.

Disclaimer: These codes may not be the most recent version. West Virginia may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.