[WSBARP] line of credit priority

[Roger Hawkes]

Thanks, Eric.

Roger Hawkes, WSBA # 5173
19909 Ballinger Way NE
Shoreline, WA 98155
www.hawkeslawfirm.com<http://www.hawkeslawfirm.com>
206 367 5000
Fax is 206 367 4005

From: Eric Nelsen [mailto:Eric at sayrelawoffices.com]
Sent: Thursday, November 05, 2015 3:21 PM
To: WSBA Real Property Listserv
Subject: Re: [WSBARP] line of credit priority

If the subsequent advances are discretionary/voluntary on the part of the bank, they take priority as of the date they are advanced. If they are mandatory distributions contemplated under the original agreement, they take priority as of the date of recording of the lien instrument. See e.g. National Bank of Washington v. Equity Investors, 506 P.2d 20, 81 Wn.2d 886 (1973). I imagine this works the same in the context of an execution sale, as in determining priority between multiple lienholders.

Sincerely,

Eric

Eric C. Nelsen
SAYRE LAW OFFICES, PLLC
1320 University St
Seattle WA  98101-2837
phone 206-625-0092
fax 206-625-9040



From: wsbarp-bounces at lists.wsbarppt.com<mailto:wsbarp-bounces at lists.wsbarppt.com> [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of Roger Hawkes
Sent: Thursday, November 05, 2015 1:17 PM
To: WSBA Real Property Listserv
Subject: [WSBARP] line of credit priority

What is the authority in Washington for subsequent advances under a recorded line of credit having priority upon execution sale by a subsequent judgment creditor?

Roger Hawkes, WSBA # 5173
19909 Ballinger Way NE
Shoreline, WA 98155
www.hawkeslawfirm.com<http://www.hawkeslawfirm.com>
206 367 5000
Fax is 206 367 4005

-------------- next part --------------
An HTML attachment was scrubbed...
URL: <http://mailman.fsr.com/pipermail/wsbarp/attachments/20151106/7b416cd5/attachment.html>