Constructive Trust. A constructive trust is not an actual trust by the traditional definition. It is a legal fiction that is used as a remedy for unjust enrichment. Hence, there is no trustee, but the constructive trust orders the person who would otherwise be unjustly enriched to transfer the property to the intended party. wex: COMMERCE.
In the past, quitclaim deeds gave complete ownership to the holder after seven years of uncontested use â even if the person who gave you the deed wasnât the real owner. Now, itâs not as simple. More documentation is required as listed in the Official Code of Georgia.
Time Frame. The IRS has a total of three years after you file your tax return to file a federal tax lien against your property. Once the tax lien is in place, it will remain for a total of 10 years. The IRS notes that tax liens release automatically after this 10-year period. Although this is typically the end of the tax lien, the IRS does reserve the right to renew your tax lien for another 10-year period of it sees fit. Significance Once the tax lien is in place, it encumbers your homeâs title and will appear in a title search.