Page:United States Statutes at Large Volume 76A.djvu/321

–225– -225the performance of any other obligation than that which the lien originally secured. § 4015. Compensation of holder of lien One who holds property by virtue of a lien thereon is not entitled to compensation from the owner thereof for any trouble or expense which he incurs respecting it, except to the same extent as a borrower, under sections 1969 and 1970 of this title. Subchapter IV—Priority of Liens § 4031. Time of creation as controlling; exception Other things being equal, different liens upon the same property have priority according to the time of their creation, except in cases of bottomi-y and respondentia. § 4032. Marshaling liens Where one has a lien upon several things, and other persons have subordinate liens upon, or interests in, some but not all of the same things, the person having the prior lien, if he can do so without risk of loss to himself or of injustice to other persons, shall resort to the property in the following order, on the demand of any party interested: (1) to the things upon which he has an exclusive lien; (2) to the things which are subject to the fewest subordinate liens; (3) in like manner inversely to the number of subordinate liens upon the same things; and (4) when several things are within one of the foregoing classes, and subject to the same number of liens: (A) to the things which have not been transferred since the prior lien was created; (B) to the things which have been so tranferred without a valuable consideration; and (C) to the things which have been so transferred for a valuable consideration in the inverse order of the transfer. Subchapter V—Redemption from Liens § 4051. Right to redeem; subrogation A person having an interest in property subject to a lien may redeem it from the lien at any time after the claim is due and before his right of redemption is foreclosed. By the redemption, he becomes subrogated to all the benefits of the lien, as against all owners of other interests in the property, except insofar as he was bound to make the redemption for their benefit. § 4052. Rights of inferior lienor One who has a lien inferior to another, upon the same property, may: (1) redeem the property in the same manner as its owner might, from the superior lien; and (2) be subrogated to all the benefits of the superior lien, when necessary for the protection of his interests, upon satisfying the claim secured thereby. § 4053. Procedure for redemption from lien Redemption from a lien is made by performing, or offering to perform, the act for the performance of which it is a security, and paying, or offering to pay, the damages, if any, to which the holder of the lien is entitled for delay.

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