lien

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Related to Lienor: Liens

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 ?
* Waiver and Release of Lien--The amount a lienor can claim is strictly limited to the value of the services provided under the lienor's contract minus the amount already paid.
For instance, does the court have unbridled discretion to set the amount of the additional security, or is any increase limited to the amount of the attorneys' fees deficiency alleged by the lienor? If the former, what guidelines must the court follow in determining the amount of additional attorneys' fees when it is certain that the transferor will claim that the lienor has exaggerated the amount of the incurred fees?
It is important, however, to understand that without a written contract there are no lien rights in Massachusetts for lienors, as defined above.
In order to prevent a mechanic's lien from dissolving, the lienor must file a certificate of the lien in the registry of deeds in the county of the liened property within 90 days after he ceases to labor, furnish materials or perform services.
Once the lien has been filed, the lienor has 30 days to serve the notice of lien on the property owner by one of the means set forth in Lien Law [section] II.
Disputes may often arise about the critical dates which govern service of the notices to owner and the recording of the claims of lien, with the lienor's records almost always reflecting that their actions were, not surprisingly, "timely." Sometimes, it is possible to easily resolve disputed or questionable dates of "first furnishing" (16) or "last furnishing" (17) by reviewing the contractor's own records, or any "log" or photos the owner may have made.
Thus, once the lienors have been paid from the surplus, any remaining proceeds should be distributed to the holder of the right of redemption.
This document contains the pertinent information for lienors to determine the identity of the owner and general contractor, the legal description and the bond company if a statutory bond is posted.
The answer is most often "no," even though counsel to the mechanic's lienor will not know that--unless told.
That threat arises because the court, at the lienor's instigation, may order the sale of the lienee's property.
6-letter words with Alphabetic Halves A-M:N-Z HEANOR (Derbyshire) HEARTY KEANOS (Amc Grk root of ocean) KHANSU LIENOR MEANOR
For example, if a debtor's sale to an alleged lienor will resolve difficult litigation and eliminate the risks of delay and costs of operating a property to resolve disputes, the court will likely consider those factors in addition to the offer price.