lien

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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 ?
A tax buyer invests in tax liens for the above average interest and penalties they can earn on the redemption (or pay off) of the liens.
Notwithstanding the date, time, method, manner or order of grant, attachment or perfection of any Liens securing the Second Lien Obligations granted on the Collateral or of any Liens securing the First Lien Obligations granted on the Collateral and notwithstanding any provision of the UCC, or any other applicable law or the Second Lien Loan Documents or any defect or deficiencies in, or failure to perfect or lapse in perfection of, or avoidance as a fraudulent conveyance or otherwise of, the Liens securing the First Lien Obligations or any other circumstance whatsoever, the Second Lien Agent, on behalf of itself and the Second Lien Lenders, hereby agrees that .
A Liens are allowed to provide security to contractors that they will be paid for the work, materials, etc.
RELATED ARTICLE: How Second Liens Complicate a Workout
Along with paying off the tax lien, the refinancing allowed me to put tuition funds aside for my two daughters in college and for my three younger children in parochial school.
Third, the administrative sale of TE property subject to a Federal tax lien presents practical problems that limit the usefulness of the IRS's seizure and sale procedures.
Obviously, if he has liens, he owes taxes,'' said Bob Opsasnick, a principal appraiser for the assessor.
In principle, mechanics' lien laws are the same in all states, but the specifics vary from state to state--for example, the time and place for filing mechanics' liens and whether owners must retain a portion of funds otherwise payable to general contractors for the benefit of mechanics' lien claimants.
The sale of tax liens has proven beneficial for governments that are able to use this approach.
In 1987 and 1988, the Internal Revenue Service assessed the unpaid employment taxes against Rabin, resulting in an automatic lien on all of his property, including the home, under Internal Revenue Code section 6321.
Arizona Tax Lien investors can now instantly download the latest 2007 tax lien lists for all counties in Arizona at http://www.