lien

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Related to Lienor: Liens

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 ?
While lenders and servicers know this, our not-so-hypothetical attorney for the mechanic's lienor (or judgment creditor, among others) may be completely unaware of the consequences resulting from that seemingly innocuous answer he submitted.
The Lien Law was executed to protect lienors and New York courts have applied the law with public policy in mind.
Given the age of most of the Part II lien statutes and in light of the legislative intent seen in Part I, an attorney whose client is a lienor not in privity with the owner should, as a matter of best practice, advise the lienor to record the claim of lien regardless of whether it is actually required by statute, in addition to serving a copy of that claim of lien (via certified mail or overnight carrier) on the owner within a reasonable time frame after the last day services are rendered so as to leave no doubt that the lien is perfected.
A copy of the application must be served on the lienor and filed on at least five days' notice to the court.
It refused to find that a failure to pay materialmen, absent an express contractual provision, would be a default on the part of the contractor/principal that would give the state a right to apply withheld funds for their benefit, adding that it would be an anomaly to hold otherwise, since an unpaid lienor in every case could be substituted ahead of an assignee in derogation of the lien law as it then existed.
Different time periods are prescribed by statute for filing of the verified Statement of Lien depending on the status of the potential lienor.
Florida has a somewhat unique law prescribing lien enforcement that allows a personal money judgment against a contractor by an unpaid subcontractor lienor.
This holding, of course, could have dire consequences for a lienor filing in the lower court, if the limitations period applicable to lien foreclosure actions has already expired.
A logical corollary to preventing unjust enrichment to the intervening junior lienor is the limitation that equitable subrogation can only be applied to the extent the junior lienor is not prejudiced.
Accordingly, the court held that the lienors had to move for and obtain permission of the Bankruptcy Court to lift the automatic stay before any lien could be enforced against the non-estate property.
The key for the lienor getting paid is to release payment rights/claims only to the extent that payment is made and not more.