Equal dignity definition
Equal dignity means that the two liens have the same priority, are paid at the same time upon foreclosure sale, and share proportionately in the proceeds if the sale does not produce enough cash to satisfy both liens entirely. All property tax liens have the same priority and are of equal dignity with all other property tax liens and liens for solid waste fees and nuisance abatement costs, which are granted the same collection status as property taxes.
Examples of Equal dignity in a sentence
Equal dignity rule: A rule that says that agents’ contracts to sell property covered by the statute of frauds must be in writing to be anforceable.