Real property construction or improvement financing agreement.

Real property construction or improvement financing agreement. For purposes of this section, the term real property construction or improvement financing agreement means any written agreement to make cash disbursements (whether or not at the option of the party agreeing to make such disbursements):

For purposes of paragraphs (b) (1) and (2) of this section, construction or improvement may include demolition. For purposes of any agreement described in paragraph (b)(3) of this section, the furnishing of goods and services is treated as the disbursement of cash.

Source

27 CFR § 70.233

Scoping language

In general. Even though a notice of a lien imposed by 26 U.S.C. 6321 is filed in accordance with 70.148 of this part, the lien is not valid with respect to a security interest which:

For purposes of this section, it is immaterial that the holder of the security interest had actual notice or knowledge of the lien at the time disbursements are made pursuant to such an agreement. See § 70.143 (a) and (e) of this part for general definitions of the terms “security interest” and “tax lien filing.” For purposes of this section, a judgment lien is a lien held by a judgment lien creditor as defined in § 70.143(g) of this part.