lien(redirected from Floating lien)
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Related to Floating lien: Floating charge, chattel mortgage, After-acquired property, Blanket Lien, Warehouse receipt
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.
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A legal charge against property which is made securely for the payment of a debt or for the performance of an obligation.
Illustrated Dictionary of Architecture Copyright © 2012, 2002, 1998 by The McGraw-Hill Companies, Inc. All rights reserved
A right enforceable against specific property to secure payment of an obligation.
McGraw-Hill Dictionary of Architecture and Construction. Copyright © 2003 by McGraw-Hill Companies, Inc.
Law a right to retain possession of another's property pending discharge of a debt
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005