That would make sense from the point of view of a genuine democracy, but I know in the case of property tax collection, everybody stands in line behind the local government. Which is why the bank is almost 100% guaranteed to show up and pay the property taxes after a repo and ejection and before before any public auction on any property they are underwater on.
Part of the consideration for what to allow a property to be sold for in an auction or short sale is the total amount of money the lender has received (principal and interest/penalties) over the course of partial repayment of the note. It may be that the two UCC lien holders had received enough in interest payments (in addition to principal) on the equipment during the time Harrs and Brown were still paying on it to let it go and write off whatever pittance may have remained. Obviously the IRS can't be seen as having the authority to walk in and usurp a bank's primary position on say a $500K mortgage and take 100% of proceeds from any sale they order to satisfy a non-property tax lien. No bank on earth would make a loan any longer because the limit on personal and business income and capital gains taxes/penalties owed have no ceiling and therefore no relation whatsoever to property ownership. BUT, what happens to the people employed by Brown and Harrs who literally paid their taxes in the form of withholdings? Do they have to pay the taxes again to SS/MC and the state and federal governments in order to be credited since the money was never received and credited to them? Or is this simply another case of the US Taxpayer picking up the baggage for worthless pieces of **** like Brown and Harrs who steal federal funds for their own private purposes? I'd have to believe none of those employees will be getting 941s from Expo Holdings, Inc. They won't have any personal proof besides their paycheck stubs (if they kept any of them) of what SS/MC and federal/state/local taxes were even withheld.
News 
Market Data 
Discover 
