lien


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Related to lien: line, Construction 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 ?
Liens can even earn as much as 108% in interest and penalties and are ready for the foreclosure process.
The Third Circuits decision is a warning to suppliers of goods and/or services on construction projects in New Jersey and other states with similar lien laws to quickly file their mechanics' or construction liens.
Q What notice must be given to a property owner regarding a lien before a lien can be claimed?
Further, the Court's decision does not represent new law and does not affect other law applicable to Federal tax liens and tax collection.
By providing that mechanics' lien holders have priority over other creditors from the proceeds of the sale of the land and improvements, mechanics' lien laws are of great assistance in recovering payment by those who do work or supply materials for the improvement of land.
State laws vary with respect to tax lien sales, but one approach permits investors to bid on a portfolio of tax liens, including interest and penalties, through a public auction.
First, the Senate Committee on Finance expressly anticipated the issuance of regulations deeming economic performance to occur in respect of state and local property taxes "at the time the tax lien attaches or the time the tax is assessed.
The system automatically collects all required loan data and stores the legal description text so that lien release can be automatically processed from the servicing system on demand.
As noted in the preservation article, there is a strict time limit within which a lien claimant may preserve its lien, typically done by registering a claim for lien on title to property.
New York's highest court has just issued a definitive decision, which should remove any doubt as to the absolute need for strict compliance with the "notice of lending" provisions of New York's Lien Law.
6321 imposes a lien on all of a taxpayer's property and rights to property if the Service has demanded payment and the taxpayer did not pay the taxes due.