SEC. 3671. PERIOD OF LIEN. Unless another date is specifically fixed by law, the lien shall arise at the time the assessment list was received by the collector and shall continue until the liability for such amount is satisfied or becomes unenforceable by reason of lapse of time. SEC. 3672. VALIDITY AGAINST MORTGAGEES, PURCHASERS, AND JUDG- MENT CREDITORS. Such lien shall not be valid as against any mortgagee, purchaser, or judgment creditor until notice thereof has been filed by the collector- (a) UNDER STATE OR TERRITORIAL LAws. -In accordance with the law of the State or Territory in which the property subject to the lien is situated, whenever the State or Territory has by law provided for the filing of such notice; or (b) WITH CLERK OF DISTRICT COURT. -In the office of the clerk of the United States district court for the judicial district in which the property subject to the lien is situated, whenever the State or Terri- tory has not by law provided for the filing of such notice; or (C) WITH CLERK OF DISTRICT COURT OF THE UNITED STATES FOR THI DISTRICT OF COLUrMBIA. - In the office of the clerk of the District Court of the United States for the District of Columbia, if the property subject to the lien is situated in the District of Columbia. SEC. 3673. RELEASE OF LIEN. Subject to such regulations as the Commissioner, with the approval of the Secretary, may prescribe, the collector charged with an assess- ment in respect of any tax, may issue a certificate of release of the lien if- (a) LIABILITY SATISFIED OR UNENFORCEABLE.- The collector finds that the liability for the amount assessed, together with all interest in respect thereof, has been satisfied or has become unenforceable by reason of lapse of time; or (b) BOND AccEPTED. -There is furnished to the collector and ac- cepted by him a bond that is conditioned upon the payment of the amount assessed, together with all interest in respect thereof, within the time prescribed by law (including any extension of such time), and that is in accordance with such requirements relating to terms, conditions, and form of the bond and sureties thereon, as may be specified in the regulations. SEC. 3674. PARTIAL DISCHARGE OF PROPERTY. (a) PROPERTY DOUBLE TIE AMIOUNT OF THE LIAnILITY.-Subject to such regulations as the Commissioner, with the approval of the Secre- tary, may prescribe, the collector charged with an assessment in respect of any tax may issue a certificate of partial discharge of any part of the property subject to the lien if the collector finds that the fair market value of that part of such property remaining subject to the lien is at least double the amount of the liability remaining un- satisfied in respect of such tax and the amount of all prior liens upon such property. (b) PART PAYMENT.- Subject to such regulations as the Commis- sioner, with the approval of the Secretary, may prescribe, the col- lector charged with an assessment in respect of any tax may issue a certificate of discharge of any part of the property subject to the lien if there is paid over to the collector in part satisfaction of the liability in respect of such tax an amount determined by the Com- missioner, which shall not be less than the value, as determined by him, of the interest of the United States in the part to be so dis- charged. In determining such value the Commissioner shall give consideration to the fair market value of the part to be so discharged and to such liens thereon as have priority to the lien of the United States. COLLECTION 449
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