lien

(redirected from Liens)
Also found in: Dictionary, Thesaurus, Medical, Legal, Financial.

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 ?
Affiliates of Oaktree Capital Management LP, a principal beneficial stockholder of Crimson and a holder of a portion of the second lien term loan being repaid with proceeds from this financing, has participated in the new second lien term loan.
In the earlier stages of development of second lien financing, the first lien lenders often permitted second liens only in the form of a "silent" second.
Levies: The CAP can be used before or after a levy is made, before or after a seizure and, as with liens, can be used by nominees and third parties holding taxpayer property (however, for a seizure, the appeal must be made within 10 business days after the Notice of Seizure is given to the taxpayer).Thus, a third party in possession of a taxpayer's property can use the CAP to challenge an IRS order to turn the property over to the Service to satisfy a claim against the taxpayer.
RELATED ARTICLE: How Second Liens Complicate a Workout
In principle, mechanics' lien laws are the same in all states, but the specifics vary from state to state--for example, the time and place for filing mechanics' liens and whether owners must retain a portion of funds otherwise payable to general contractors for the benefit of mechanics' lien claimants.
According to IRC section 6321, if a taxpayer doesn't pay his or her federal taxes, the IRS can attach a tax lien to any property a taxpayer owns or subsequently acquires.
States are addressing the problem in several ways: making the filing of such documents a criminal offense (either misdemeanor or felony), providing for civil remedies and allowing rejection of false liens before they're filed.
In recent years, the practice of selling tax liens has been done on a larger scale.
But much has changed in the tax lien investing industry, plus I got so many questions about different aspects of investing in tax liens that I decided to update the course again and add more information along with some helpful tools and resources.
LLC that liens under private declarations must be created and enforced under the Maryland Contract Lien Act, regardless of the language of the declarations.
First Sentinel did not learn that the IRS liens had not been discharged until after it entered into a contract to sell the property in December 2015.
(1.) I'm presuming that the actual task of filing liens, sending notices and the like is being outsourced.