lien

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Related to lienable: Lienor, Lien Holder

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 ?
He said that if the customer is a private company, with less information about it publicly available, he will look into whether the construction job that customer is involved in is bondable and lienable before deciding on credit terms.
Under the CLL's predecessor statute, the Mechanics' Lien Law, it was held that the off-site fabrication of materials was lienable, as "[t]he value of the preparatory work is incorporated into the price of the materials themselves.
For example, the cost to lease a cement mixer is lienable by the contractor leasing the mixer where the mixer was used to provide cement for a project and the lease cost was part of the cement manufacturing costs charged to the owner.