26 CFR §301.6323(d)-1 — (d)-1 45-day period for making disbursements.

1. (a)In general. Even though a notice of a lien imposed by section 6321 is filed in accordance with § 301.6323(f)-1, 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—
   1. (1)In property which is subject, at the time of tax lien filing, to the lien imposed by section 6321 and which is covered by the terms of a written agreement entered into before tax lien filing, and
   2. (2)Protected under local law against a judgment lien arising, as of the time of tax lien filing, out of an unsecured obligation.
2. (b)Examples. The application of this section may be illustrated by the following examples: