lien

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Related to Lienholders: Retaining 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 ?
(12) Thus, to preserve a PMSI in the consigned goods, the consignor must take the steps (discussed above) to perfect its interest in the consigned goods before delivery, including providing notification to existing lienholders before the consigned goods are delivered.
sometimes even to vote as instructed by the first lienholders in a later
judgment lienholders, but homestead law is focused on protecting a
Chippewa provided the funding for Mesabi to make the deferred mechanic lienholder payments last Friday, over three years ahead of schedule.
lienholders received proper notice and the sale otherwise complied with
A junior lienholder who objects through the court may tender to the creditor the amount due under the negotiated transfer and assume the benefit of the proposed transfer.
If she can find such a company, then she still has to list you and the finance company on the insurance as owner and lienholder, respectively.
In exchange for this agreement, Safeway will agree to issue the settlement funds directly to you and your clients, and will not list the lienholders on the check."
Haag announced that she was immediately targeting dispensaries "that sell marijuana very close to schools, parks and other places where children learn and play," and threatening landlords and lienholders with property seizures and federal prison time if they didn't cease sales of marijuana "in close proximity to children ...
To preserve the automatic lien against an employer for contributions, interest, or penalty, and costs that accrue against subsequent mortgages, purchasers for value and without notice of the lien, judgment creditors, and lienholders, the Job Service North Dakota will file a notice of lien either (1) in the central indexing system or (2) with the recorder.
First, [section] 363 does not explicitly authorize an Ice Cube Bond, but it does permit the court to impose conditions on the sale of property of the estate--such as through a lien or a holdback of a portion of proceeds--at the request of a party in interest to protect lienholders, including junior lienholders.
Not only are there the third-party obligor on the note and potentially tenants on the property, but there are also potentially other lienholders, beneficiaries of servitudes, and taxing authorities that are affected.