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.
The Columbia Electronic Encyclopedia™ Copyright © 2013, Columbia University Press. Licensed from Columbia University Press. All rights reserved. www.cc.columbia.edu/cu/cup/

Lien

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

lien

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.

lien

Law a right to retain possession of another's property pending discharge of a debt
Collins Discovery Encyclopedia, 1st edition © HarperCollins Publishers 2005
References in periodicals archive ?
Freedom from claims means that there is superior title to that of other transferees, such as prior or subsequent purchasers and lienholders, as well as bankruptcy trustees vested with the powers of hypothetical purchasers and creditors.
A broadly accepted nonbankruptcy proceeding includes one where a lienholder can be forced to accept a monetary satisfaction through the process of foreclosure.
(5) "Surrender" means to return the collateral to the lienholder pursuant to 11 U.S.C.
1993) (subordinating the amount of senior liens that were obtained without necessary consent of junior lienholders); Carlson, supra note 13, at 218-19 (discussing cases in which equitable subordination was applied outside of bankruptcy); Levitin, supra note 13, at 2 ("Equitable subordination is not exclusively a bankruptcy action....").
If the title shows that the landlord has encumbered its fee interest, the tenant should obtain a non-disturbance agreement from the senior lienholder.
The sales contract required Randolph to buy "Vendor's Single Interest insurance, which protects the vendor or lienholder against the costs of repossession in the event of default." The agreement also provided that "all disputes arising from, or relating to, the contract, whether arising under case law or statutory law, would be resolved by binding arbitration." 121 S.Ct.
What is required by a bank or lienholder for financed property or vehicles?
Unless a party, such as a mortgagee or other lienholder, submits a claim, excess funds are refunded to the taxpayer.
In effect, the city's position is that federal remedies for lienholders who receive insufficient notice are inadequate, because they do not allow a lienholder to discharge the lien while retaining their right to bring suit.
As a result, attorneys believed that they owed Medicare the same duties to safeguard the lienholder's property interest in liability insurance proceeds as exists with respect to medical liens.
Mirabile (1985), the secondary lienholder, American Bank and Trust Company, foreclosed upon default by the borrower.
For instance, can a licensee get into trouble by directing an unlicensed customer service representative to make an endorsement to a policy on an insurance company website, even when the modification is as minor as adding or changing a lienholder on an auto policy, correcting an address, or fixing typos in a VIN number?