(a) Invalidity of lien without notice. The lien imposed by 26 U.S.C. 6321 is not valid against any purchaser (as defined in Sec. 70.143(f) of this part), holder of a security interest (as defined in Sec. 70.143(a) of this part), mechanic's lienor (as defined in Sec. 70.143(b) of this part), or judgment lien creditor (as defined in Sec. 70.143(g) of this part) until a notice of lien is filed in accordance with Sec. 70.148 of this part. Except as provided by 26 U.S.C. 6323, if a person becomes a purchaser, holder of a security interest, mechanic's lienor, or judgment lien creditor after a notice of lien is filed in accordance with Sec. 70.148 of this part, the interest acquired by such person is subject to the lien imposed by 26 U.S.C. 6321.
(b) Cross references. For provisions relating to the protection afforded a security interest arising after tax lien filing, which interest is covered by a commercial transactions financing agreement, real property construction or improvement financing agreement, or an obligatory disbursement agreement, see Sec. Sec. 70.232, 70.233, and 70.234 of this part, respectively. For provisions relating to the protection afforded to a security interest coming into existence by virtue of disbursements, made before the 46th day after the date of tax lien filing, see Sec. 70.146 of this part. For provisions relating to priority afforded to interest and certain other expenses with respect to a lien or security interest having priority over the lien imposed by 26 U.S.C. 6321, see Sec. 70.147 of this part. For provisions relating to certain other interests arising after tax lien filing, see Sec. 70.231 of this part. (26 U.S.C. 6323) Sec. 70.146 45-day period for making disbursements.
Even though a notice of a lien imposed by 26 U.S.C. 6321 is filed in accordance with Sec. 70.149 of this part, the lien is not valid with respect to a security interest which comes into existence, after tax lien filing, by reason of disbursements made before the 46th day after the date of tax lien filing, or if earlier, before the person making the disbursements has actual notice or knowledge of the tax lien filing, but only if the security interest is:
(a) In property which is subject, at the time of tax lien filing, to the lien imposed by 26 U.S.C. 6321 and which is covered by the terms of a written agreement entered into before tax lien filing, and
(b) Protected under local law against a judgment lien arising, as of the time of tax lien filing, out of an unsecured obligation. For purposes of paragraph (a) of this section, a contract right (as defined in Sec. 70.232(c)(2)(i) of this part) is subject, at the time of tax lien filing, to the lien imposed by 26 U.S.C. 6321 if the contract has been made by such time. An account receivable (as defined in Sec. 70.232(c)(2)(ii) of this part) is subject, at the time of tax lien filing, to the lien imposed by 26 U.S.C. 6321 if, and to the extent, a right to payment has been earned by performance at such time. For purposes of paragraph (b) of this section, a judgment lien is a lien held by a judgment lien creditor as defined in Sec. 70.143(g) of this part. For purposes of this section, it is immaterial that the written agreement provides that the disbursements are to be made at the option of the person making the disbursements. See Sec. 70.143 (a) and (e) of this part for definitions of the terms ``security interest'' and ``tax lien filing,'' respectively. See Sec. 70.144(a) of this part for certain circumstances under which a person is deemed to have actual notice or knowledge of a fact. (26 U.S.C. 6323)