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claim or charge held by one party, on property owned by a second party, as security for payment of some debt, obligation, or duty owed by that second party. A lien may arise by agreement between the parties or by operation of law from the relation of the parties or the circumstances of their dealings. A special lien applies only to a specific property and any obligations related to it. A general lien can be enforced on a property for any unfulfilled debt in similar lines of business. Laborer's liens establish priority for the payment of employees in favor of general creditors in cases of bankruptcy; mechanic's liens similarly provide priority for the payment of contractors who provided goods and services for building projects. The holder of a first lien takes precedence over all other encumbrances on a piece of property. A tax lien is held by the state or federal government on property which may be foreclosed for nonpayment of taxes.


A legal charge against property which is made securely for the payment of a debt or for the performance of an obligation.


A right enforceable against specific property to secure payment of an obligation.


Law a right to retain possession of another's property pending discharge of a debt
References in periodicals archive ?
To protect your interest in the car, make certain you're listed as the lienholder on the car's title and auto insurance policy.
Freedom from claims means that there is superior title to that of other transferees, such as prior or subsequent purchasers and lienholders, as well as bankruptcy trustees vested with the powers of hypothetical purchasers and creditors.
The Seventh Circuit has signaled a principled preference for the face value approach as well, albeit in a different context and only in dicta: "As a general rule, the bankruptcy court should not order property sold 'free and clear of' liens unless the court is satisfied that the sale proceeds will fully compensate secured lienholders and produce some equity for the benefit of the bankrupt's estate.
08-13412 (BLS) (explaining dispute among debtors, pre-petition first lienholders, prepetition second lienholders, creditors' committee, and postpetition lenders and requesting conversion of Chapter 11 cases as a result of the parties' inability to resolve dispute).
Accordingly, the lienholders in this case were not seeking to collect a debt, but seeking to enforce a statutory lien, a lien that only applied to the common fund.
The Second Lien Program (SLP) encourages second lienholders to modify, (115) offering second mortgage servicers "pay for success" rewards for mortgages that remain current following modification.
The owner or lienbolder may retake possession during business hours by appearing, proving ownership, releasing any law enforcement or official hold, and paying all charges or by other written arrangement between owner or lienholder and towing/storage firm Failure to exercise the right to reclaim within the time prescribed constitutes a waiver by the owner and lienholders of all right, title, and interest in the vehicle and contents, and constitutes consent to the sale, dismantling, or destruction of the vehicle and contents.
In recent discussions with servicers, investors in mortgage-backed securities and administration officials, it has become clear that one of the most significant impediments to the success of H4H is the unwillingness of subordinate lienholders to extinguish their liens as required for participation in this program, even in return for offers of reasonable compensation," Dodd and Frank wrote the regulators.
Under Section C, some innocent parties must be indemnified with respect to their interests in the vehicle (named insured owners, lessors, and lienholders operating under an SEF 23b Mortgage Endorsement).
JetsAmerica, a company that buys, sells and manages VLJs, had offered $500,000 each for the aircraft to United Technologies Finance, one of the lienholders of the fleet.
So it may be that what occurs is that the debtor goes through the analysis process of which leases to reject pre-bankruptcy, prenegotiates with some landlords, but again primarily focuses its attention on the secured lienholders and these bondholders.
At one time there were 49 lienholders on the property; now there are close to 60.