lien

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Related to Lienholders: Retaining lien

lien,

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.

Lien

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

lien

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

lien

Law a right to retain possession of another's property pending discharge of a debt
References in periodicals archive ?
Once included in the sale, the property can face eventual foreclosure by the lienholder if the owner does not keep up with future payments.
Without such an explicit provision, the doctrine of merger may prevent the senior lienholder from exercising his or her lien.
Because Aurora had agreed that it was entitled to step into the shoes of the first lienholder only "to the extent the proceeds from the Plaintiff's mortgage were used to satisfy the prior mortgage," the Barrys would be "no worse off" than they were with Wells Fargo's lien in place.
GMAC Mortgage, Minneapolis, changed its process when junior lienholders are involved because of the extensive delays created by negotiating such deals, says spokesman James Olecki.
No longer can Medicare and other lienholders exploit true victims who have a constitutionally protected property right in their recovery.
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).
ELT replaces paper titles with an electronic exchange of data between the Wisconsin Department of Transportation (WisDOT) and VINtek, acting as an intermediary on behalf of a lienholder.
If the developer has an inventory of completed units to be sold, the receiver can sell the properties, even if they are encumbered by other liens, with all proceeds to be distributed to the lender (and only to junior lienholders and unsecured creditors if there is a surplus).
Cook's advice to lienholders who find themselves involved with mortgaged properties in a foreclosure procedure includes the following:
Before implementing ELT, lienholders and DMV agencies had no way to stop falsified lien release letters," said Larry Highbloom, president of VINtek.
An association (or its authorized agent) is no longer required to provide prospective purchasers or lienholders with information about the community or the association, except for the information and documents that are required by [section] 720.
Indeed, while other lienholders could have their liens modified, the lender secured by a debtor's principal residence was protected and required to be fully repaid on the pre-bankruptcy default (pre-petition debt).