An employer liability lien may arise in favor of the Pension Benefit Guaranty Corporation (“PBGC”) or other permitted holder, under the Employee Retirement Income Security Act of 1974 (“ERISA”) or the Internal Revenue Code (the “Code”) as a result of (i) delayed contribution to a retirement plan or (ii) a plan termination. In Texas, such a lien will be filed in the county records where the real property owned by the liable party is located. Pursuant to ERISA, the priority of such a lien is determined by the specific priority provision of the Code which governs the priority of federal tax liens. It is unclear whether the Code provision which allows the extinguishment of a tax lien by notice of sale to the appropriate authorities will govern the disposition of an ERISA lien. Accordingly, if an ERISA lien encumbers the property, the Bank should consider giving notice of sale to the general counsel of the PBGC in the same form and manner as notice is given to the IRS under the Code. Since the PBGC takes the position that an ERISA lien generally has the same lien rights accorded a federal tax lien, this notice of sale may have an effect similar to the effect of notice given to the IRS with respect to a federal tax lien.