Page:United States Statutes at Large Volume 90 Part 2.djvu/401

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PUBLIC LAW 94-000—MMMM. DD, 1976

PUBLIC LAW 94-455—OCT. 4, 1976

90 STAT. 1869

" (1) IN GENERAL.—For purposes of this section, the term 'sec- "Section 6166 tion 6166 lien property' means interests in real and other property lien property." to the extent such interests— " (A) can be expected to survive the deferral period, and " (B) are designated in the agreement referred to in subsection (c). " (2) MAXIMUM VALUE o r REQUIRED PROPERTY.—The maximum

value of the property which the Secretary may require as section 6166 lien property with respect to any estate shall be a value which is not greater than the sum of— " (A) the deferred amount, and " (B) the aggregate interest amount. For purposes of the preceding sentence, the value of any property shall be determined as of the date prescribed by section 6151 26 USC 6151. (a) for payment of the tax imposed by chapter 11 and shall be determined by taking into account any encumbrance such as a lien under section 6324B. Ante, p. 1861. "(3)


required as section 6166 lien property pursuant to paragraph (2) Ante, p. 1862. exceeds the value of the interests in property covered by the agreement referred to in subsection (c), the Secretary may accept bond in a n amount equal to such excess conditioned on the payment of the amount extended in accordance with the terms of such extension. " (c) AGREEMENT.—The agreement referred to in this subsection is a written agreement signed by each person i n being who has an interest (whether or not in possession) in any property designated in such agreement— " (1) consenting to the creation of the lien under this section with respect to such property, and " (2) designating a responsible person who shall be the agent for the beneficiaries of the estate and for the persons who have consented to the creation of the lien in dealings with the Secretary on matters arising under section 6166 or 6166A or this section. Ante, p. 1862. " (d) SPECIAL RULES. — " (1) REQUIREMENT THAT LIEN BE FILED.—The lien imposed by

this section shall not be valid as against any purchaser, holder of a security interest, mechanic's lien, or judgment lien creditor until notice thereof which meets the requirements of section 6323 (f) has been filed by the Secretary. Such notice shall not be required to be refiled. " (2) PERIOD OF LIEN.—The lien imposed by this section shall arise a t the time the executor is discharged from liability under section 2204 (or, if earlier, at the time notice is filed pursuant to paragraph (1)) and shall continue until the liability for the deferred amount is satisfied or becomes unenforceable by reason of lapse of time. " (3) PRIORITIES.—Even though notice of a lien imposed by this section has been filed as provided in paragraph (1), such lien shall not be valid— " (A) R E A L PROPERTY TAX AND SPECIAL ASSESSMENT L I E N S. —

To the extent provided in section 6323(b)(6). " (B) R E A L PROPERTY SUBJECT TO A MECHANIC'S LIEN FOR REPAIRS AND IMPROVEMENTS.—In the case of any real property

subject to a lien for repair or improvement, as against a mechanic's lienor.

89-194 O—78—pt. 2