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 ?
Musa helps people get started with tax lien investing no matter where they live.
Maryland Code, Real Property Article ("RP") 11B-117(b) of the HOA Act provides that a homeowners association may enforce the payment of assessments under a declaration by the imposition of a lien under the Contract Lien Act.
254 by not recording an attested copy of its complaint to enforce the target lien bond within 30 days of filing the complaint, as would have been required in a lien enforcement action under G.L.c.
The key question to be resolved in this case is whether First Sentinel's lien merged into its fee simple title as a result of its purchase of the property at the foreclosure sale.
A $6,500,000 first lien mortgage for the refinance of a 61-unit mixed-use on Rosedale Ave in Bronx, NY.
While in China, he will also pay tribute to his maternal grandparents at a memorial park in Shenyang and attend the 10th anniversary celebrations of the Lien Heng Memorial Hall in Hangzhou, before returning to Taiwan on July 20.
In addition to his activities as composer and performer, Lien is currently employed as an associate professor in jazz at the Norwegian Academy of Music in Oslo.
Questions regarding Lien Registry may be emailed to rev.lien@illinois.gov.
The court's opinion goes on to explain in the very next sentence that because no such lien can exist on homestead property, the mere recording of the code enforcement board order imposing the lien cannot cloud title on the property.
"Considering the explosive growth in community associations over the last 10 years, and the fact that 22 states now grant super-lien status to HOA assessment liens, this is a critical issue for mortgage servicers and the [government-sponsored enterprises]," said Kevin Coop, president of Black Knight Data and Analytics, a division of Black Knight Financial Services LLC.
The FTB notes that this change will only apply to new liens filed.