A charge, lien, etc., that successively attaches to such assets as a person may have from time to time, leaving him more or less free to dispose of or encumber them as if no such charge or lien existed.
A legal claim; a charge upon real or personal property for the satisfaction of some debt or duty; a right in one to control or hold and retain the property of another until some claim of the former is paid or satisfied.
A legal claim against a person's property, such as a car or a house, as security for a debt. A lien (pronounced "lean") may be placed by a contractor who did work on your house or a mechanic who repaired your car and didn't get paid. The property cannot be sold without paying the lien. Tax liens can remain on your credit report indefinitely if left unpaid or for 15 years from the date paid.
A right, given by law, whereby a creditor may satisfy a debt out of the proceeds of the sale of real or personal property belonging to the debtor; an encumbrance, usually naming property as security for payment of a debt or for the discharge of an obligation.
A creditor's claim against property. A junior lien is a lien that is outranked by another lien. A senior lien is an interest in property having priority over other interests as to payment, not necessarily an interest which has existed longer than others.
An Equitable Lien is an equitable right conferred by law to one person to a charge upon the real property of another until certain specific claims are satisfied. The holder of an equitable lien is entitled to judicial sale but not the right of foreclosure.
A charge against property making it security for the payment of a debt, judgment, mortgage, or taxes; it is a type of encumbrance. A specific lien is against certain property only. A general lien is against all of the property owned by the debtor.
A claim upon real or personal property for the satisfaction of a debt or discharge of an obligation on which collateral has been pledged. The debts are known as secured debts. Mortgages, automobile loans and debts on furniture are examples of secured debts.
A legal claim against another person's property as security for a debt. A lien does not convey ownership of the property, but gives the lien holder a right to have his or her debt satisfied out of the proceeds of the property if the debt is not otherwise paid.
An interest or encumbrance held by a creditor in a debtor's real or personal property for the satisfaction of a debt. The lien may arise as a result of a consensual contract between the debtor and the creditor such as a security agreement or a mortgage. Alternatively, liens may be established by courts or by statutes. See consensual lien, judicial lien, and statutory lien.
This is the legal right to hold onto a piece of intangible property that secures someone's debt on personal or real property. If the person or company owing the debt defaults, the property can be taken or sold.
A security interest that attaches to property. Should the property be sold, this gives the government or other claimant a right to the proceeds in an amount necessary to satisfy the lien. For example, a taxing authority may file a lien against the property for unpaid real estate taxes. See also mechanic's lien.
An encumbrance on property which act as security for the payment of a debt or the performance of an obligation. A mortgage is a lien. A lender will want most, if not all, liens on the property removed before making a mortgage loan.
The right of a party to a contract to take possession of an asset unless payment under the contract is received in full. A lien must be registered under the various provincial laws in order to be valid and enforceable.
a notice a creditor attaches to your property that tells the world that you owe the creditor money. You cannot sell the property without paying off the creditor because the lien makes the "title" (history of ownership) cloudy and a new owner won't buy under those conditions.
A lien is an ownership right to a piece of property. When a financial institution loans money to someone purchasing a vehicle, the financial institution has a lien on the vehicle. Other types of liens include mechanic's liens and child support liens.
A lien is a claim against a property which is being financed. The lien holder is usually the lender who put up money for the buyer to purchase an automobile and the lien holder has rights to the property until the loan has been repayed.
A claim of money against a property, wherein the value of the property is used as security in repayment of a debt. Examples include a mechanic's lien, which might be for the unpaid cost of building supplies, or a tax lien for unpaid property taxes. A lien is a defect on the title and needs to be settled before transfer of ownership. A lien release is a written report of the settlement of a lien and is recorded in the public record as evidence of payment.
A legal mechanism that allows a person or party to attach the property of another as security for payment of labor, materials, or other goods and services provided to enhance the value of the property. See mechanics’ lien and Chapter 60.04 RCW.
A subcontractor may file a mechanicâ€™s lien on a property if they are not paid for the work they performed on that property. All liens must be paid off prior to receiving any profit from the sale of a home.
A legal interest taken by creditors in the consumer's property to secure payments of a debt. A lien can be created voluntarily, such as when the consumer pledges real estate by giving the creditor a mortgage or deed of trust. A lien can also be created without the consumer's consent, such as when delinquent property taxes become a lien on the property.
The right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property, such as the payment of lawful charges for work done on the property. A mortgage is a common lien.
A monetary claim made against a property for unpaid mortgage, taxes, contractor work, or other charges. A lien attaches to the property, not the owner, but must be recorded in the property records of the resident county. Back to
A claim against or interest in the property of a debtor. A lien prevents the sale of the property without the permission of, or payment to, the lien holder. A judicial lien is one obtained through a court action. A statutory lien is one given by law, think IRS or a real estate tax lien.
A financial claim on the property. A lien gives a third party the right to a portion of the money from the property's sale. The most common type of a lien is a mortgage, because the bank has a right to a refund of their money from the property's value. However, liens can also be filed by unpaid contractors ("mechanic's liens"), or courts ("judgments").
The right of a person to hold onto or take money or property if you do not fulfil your part of an agreement. A lawyer may have a lien over a file kept for a client if costs are not paid. A real estate agent may have a lien over deposit monies held by him if his commission is not paid. A motor vehicle repairer may have a lien over your vehicle if repair costs are not paid.
A legal right of a creditor to force the sale of property of their debtor to satisfy the debt. Most governing documents, and the Washington Condominium Act, provide that the association automatically has a lien against any unit for the value of any unpaid assessments. To actually collect the money, the association must foreclose the lien through the courts, and recover the unpaid assessments from the proceeds of the sale of the property.
A right given by law to certain creditors to have their debt paid out of the property of a defaulting debtor. Court judgments become liens against a persons real property. Liens and judgments are recorded at the county clerk's office and are considered public information.
At the time the policy is issued or reinstated, as a part of the underwriting decision, the company may impose a lien on the policy. This would mean that in the event of a claim arising from a specific risk or within a period, a certain agreed amount would be deducted form the claim. The insured is regarded to self insure the amount to be deducted as the company has declined to cover the specific risk or the insured has agreed to this arrangement instead of paying the extra premium.
Right of retention. Where a person has improved someone else's property or has incurred certain expenses in respect thereof he may retain possession of such property until the debt due to him has been discharged. The right to retain possession is called a lien.
A right or claim for payment against a workers' compensation case. A lien claimant, such as a medical provider, can file a form with the local Workers' Compensation Appeals Board to request payment of money owed in a workers' compensation case.
A monetary claim against a property that has to be met before full ownership of the property is granted. For example, in a home loan, the mortgage company technically owns the house until you have satisfied the lien- in other words, until you pay them the amount owed for the mortgage. up
A claim upon real or personal property to prevent sale or transfer until a debt is satisfied Long arm statute A law, that permits one State to claim personal jurisdiction over someone who lives in another State based upon certain minimum contacts Rite Care Federally funded medical support for low-income families Medical Support Legal provision for insurance coverage, or a cash medical payment
A right given by law to a creditor to have a debt or charge satisfied out of the property of the debtor. It applies to a particular piece or pieces of real or personal property. Return to Top of Glossary
A claim by a party on the property of another for payment of a debt or obligation. It is not a right to the property itself, but rather stops the owner from doing anything with it. The lien may be enforced or collected by levying on the property.
A security interest in real or personal property which places the holder in a position prior to the rights of the general creditors of the owner. Examples include Trust deeds, mortgages, special assessments, recorded judgments, mechanics liens, taxes, etc.
A claim against a property for money owing. A lien may be filed by a supplier or a subcontractor who has provided labour or materials but has not been paid. A lien must be properly filed by a claimant. It has a limited life, prescribed by statute that varies from province to province. If the lienholder takes action within the prescribed time, the homeowner may be obliged to pay the amount claimed by the lien-holder. Alternatively, the lienholder may force a sale of the property to pay off the debt.
A type of security over property. Under a legal lien, the creditor has the right to retain possession of a debtor’s property until the debt is paid. Where the property retained is connected with the debt owed, the lien is a particular lien; where there is no connection, the lien is a general lien. An equitable lien, however, may exist irrespective of possession and arises by operation of law rather than by express agreement, conferring on the creditor rights over certain property of the debtor.
A claim on real estate, equipment or other possessions for payment of some debt or court ordered obligation. Liens are recorded in a city or town's land records to inform everyone that the property or possession cannot be sold until the lien is paid off.
An encumbrance or claim against real property that may be voluntary. For example, a homeowner agrees to pledge real estate as collateral for a home improvement being done by a contractor. A lien may also be involuntary. For example, a homeowner is delinquent in payment of a property tax bill. An involuntary lien is placed on the property by the relevant municipality.
A word that indicates an incumberance on property, either for discharge of a duty or the payment of a debt. When a lien exists, the conditions attaching to the issue of an insurance contract, require that it be disclosed to the Company.
A legal claim against the property. Liens are used to secure loans and must be paid first if the building is sold. For example, the lender puts a lien against the building when you take out a mortgage to purchase it. This means that when you sell the property, the mortgage must be paid off before anyone else, including you. Other types of liens that may be put on your property include property taxes, from the Internal Revenue Service, court ordered, etc.
A claim against a property for the payment of a debt. A mortgage is a lien; other types of liens a property might have include a tax lien for overdue taxes or a mechanics lien for unpaid debt to a subcontractor.
A claim a Lender may place on property in return for making a loan. If a borrower is unable to make loan payments as agreed, it gives the Lender the right to try and collect repayment of the loan through selling the borrower's property. If the lien is placed on real property such as a house, this lien is often referred to a "Mortgage" or a "Trust Deed."
A legal claim filed against a property for payment of a debt or obligation. If a property owner fails to pay a creditor, for example, the creditor can place a lien on the property. A lien can halt the sale of a property.
A claim against a property, typically as security for a debt. In addition to a mortgage lien, a property may also have a tax lien (e.g. overdue property taxes) or judgment lien, which is a court-appointed claim against a property.
A legal claim on ownership stemming from a debt. A lien will often be held on the vehicle's title until the debt is paid off, at which point the title is transferred and the lien is cleared. Liens can also be recorded in writing, in state or county documents.
A creditor's claim to a consumer's property for the satisfaction of a debt. The creditor may keep the property until the debt is repaid, or sell the property in order to pay the debt. See also tax lien.
Recorded claim against a property whereby the property is security for a debt. Under certain circumstances, the holder of the lien is entitled to have the property sold to satisfy the debt. A lien is an encumbrance against the property.
A legal claim against property for payment of a debt or for services rendered. One who holds a lien has the right to sell the property to obtain the money, or to recover the money when the property is sold. Valid liens are filed with county recorder's offices.
A claim against a property for money owing. A supplier or a subcontractor who has provided labour or materials but has not been paid may file a lien. A claimant must properly file a lien. It has a limited life, prescribed by statute that varies from province to province. If the lien holder takes action within the prescribed time, the homeowner may be obliged to pay the amount claimed by the lien-holder. Alternatively, the lien holder may force a sale of the property to pay off the debt.
A claim or encumbrance against property used to secure a debt, charge or the performance of some act. Includes liens acquired by contract or by operation of law. Note that all liens are encumbrances but all encumbrances are not liens.
A charge or claim that one person (lienor) has on the property of another (lienee) as security for a debt or obligation. ( See general lien , involuntary lien , mechanic's lien , statutory lien , tax lien , voluntary lien )
When a lien is placed on a consumer's property, it means the property is being used as collateral during the repayment of owed money. A consumer cannot sell a property with a lien on it until they've paid off the creditor with whom they have the lien.
A charge upon property for the payment or discharge of a debt or duty. The right which the law gives to have a debt satisfied out of a particular thing. A charge or claim upon property which encumbers it until the obligation is satisfied.
A lien is an instrument describing a debt which is recorded through a Recording Office in the County which a property resides. Lien priority is determined by recording date. However, Tax liens always take priority.
An encumbrance against property, which may he voluntary or involuntary. There are many different kinds of liens, including a tax lien (for unpaid federal, provincial, or real estate taxes), a judgment lien (for monetary judgments by a court of law), a mortgage lien (when you take out a mortgage), and a mechanic's lien (for work done by a con- tractor on the property that has not been paid for). For a lien to be attached to the property's title, it must be filed or recorded with local government.
A lien is an encumbrance (legal hold) against a property as security for the payment of a debt. Examples of debts that may be secured by a property lien: For work done on the property. For materials delivered to the property. A mortgage. Taxes. A court judgment. Liens are recorded against the deed of a property, as a title search will discover.
The right to hold property belonging to another person as security for the payment of some debt or the performance of some obligation - for example, the right of a broker over shares until a buying client has paid for them.
Your solicitor has the right to hold onto all documentation and money gained from a case until such time as you have paid the solicitors fees. Remember, your opponent will not be sending you a cheque directly, payment will be made to your solicitor (the same as selling a house) and he will issue you the remaining balance once his fees have been taken. This is only if the agreement you made with the solicitor requires you to pay his fees at the end of a case.
The lenders right to claim the borrowers property in the event the borrower defaults. If there is more than one lien, the claim of the lender holding the first lien will be satisfied before the claim of the lender holding the second lien, which in turn will be satisfied before the claim of a lender holding a third lien, etc.
The right of a secured creditor to grab a specific item of property if you don't pay a debt. Liens you agree to are called security interests, and include mortgages, home equity loans, car loans and personal loans for which you pledge property to guarantee repayment. Liens created without your consent are called nonconsensual liens, and include judgment liens (liens filed by a creditor who has sued you and obtained a judgment), tax liens and mechanics liens (liens filed by a contractor who worked on your house but wasn't paid).
A lien is a legal claim against a property for the purpose of securing payment for work performed and money owed on account of loans, judgements, or claims. Liens are encumbrances, and they need to be paid off before a property can be sold or title can be transferred to a subsequent buyer. The liens that exist on a property for sale appear in a property's preliminary title report.
a lien is the right to retain possession (but not ownership) of something until something else, such as a payment for work carried out to the thing, has been made. For example, if you took your watch to be repaired, the jeweler would have a lien over that watch until such time as you had paid the bill for the repair.
A claim against property for unpaid debts or services. A lien holder may sell the property to recoup funds or recover them after the property is sold to another individual. For validity purposes, this official document must be kept on record with the County Recorder.
A charge upon property for the payment of a debt or performance of an obligation. A form of encumbrance. Taxes, Special Assessments, and Judgments, as well as Mortgages, are liens. In addition, there are Mechanic's and Materialmen's Liens for furnishing labor or materials.
A lien makes the debtor's property security for the payment of a dept or the discharge of an obligation. A charge or claim against property as security for payment of a debt or obligation. Back to the Top
Any claim against a property, including mortgages, unpaid taxes or repair bills or other unpaid charges. Prospective property buyers conduct a title search to determine whether any liens against the property exist. A lien must be filed or recorded with the local county government to be attached to a property title. Lis pendens A dispute or matter which is the subject of ongoing or pending litigation. Politicians will sometimes refuse to discuss a matter or an issue which is "lis pendens" because they do not want their comments to be perceived as an attempt to influence a court of law.
A lien is a claim against property or other assets for bills that have been left unpaid. For example, a customer who did not pay a contractor in full could have a lien placed against his property until the remaining balance is paid.
A claim by one person or entity on the property of another as security for money owed. Examples: obligations not met or satisfied, judgments, unpaid taxes, materials, or labor. (See also special lien.)
(1) An encumbrance, either voluntary or involuntary, against property for money. (2) A legal claim on the property of another as security for a debt or obligation. Note: All liens are encumbrances, but all encumbrances are not liens.
A property right which remains attached to an object that has been sold, but not totally paid for, until complete payment has been made. It may involve possession of the object until the debt is paid or it may be registered against the object (especially if the object is real estate). Ultimately, a lien can be enforced by a court sale of the property to which it attached and then the debt is paid off from the proceeds of the sale.
A charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law. Praecipe A written order requesting a clerk of a court to issue a writ and specifying the contents of the writ.
A claim or charge on property for payment of some debt. With respect to a mortgage, it is the right of the lender to take the title to your property if you do not make the payments due on the mortgage.
A claim against the property for the payment of a debt, judgement, mortgage or taxes. A Lien my be voluntary or involuntary (e.g. a mortgage vs a judgement). Example : Unpaid contractors may file a mechanic's lien.
A right in one man to retain that which is in his possession, belonging to another, until certain demands of the person in possession are satisfied. For example, an auctioneer has a lien (namely, a right to retain possession) of goods until his charges upon them are met, a workman, a lien upon the article he is mending; a solicitor, a lien upon title deeds he is holding. An agent has a lien on deposit for his commission.
The right to retain property belonging to the debtor (but which is already rightfully and continuously in the creditors possession) until the amount due from the owner of the property is paid. For example a garage principle has a lien on a car on which he has spent time and labour making repairs because he has that property in his possession and can refuse to give it up until he is paid. The ownership of the property is left undisturbed â€‘ that is, the debtor continues as owner but the creditor has possession. In general the creditor has no right to sell the property.
A legal claim against a property for the purpose of securing payment for work performed and money owed on account of loans, judgments, or claims. Liens are encumbrances that must be paid off before a property can be sold or title can transfer to a subsequent buyer. The liens that are a matter of public record on a property for sale appear on a property's preliminary report.
A lien is a charge against property that provides security for a debt or obligation of the property owner. The lien holder does not own the property. The owner of property may voluntarily agree to a lien, perhaps by taking out a mortgage, or a lien can be imposed, perhaps for nonpayment of taxes. One of the most common liens is the mechanics lien. A mechanics lien arises when someone furnishes labor or materials to improve a piece of property. If the worker or supplier is not paid by the property owner, he or she can file a notice of lien with the county recorder and the property owner and collect the amount owed from a subsequent sale of the property. If a property owner has paid the general contractor in full but the general contractor has not paid the subcontractors, the owner will not have to pay for the services a second time.
A claim placed on a property to make sure that a debt is repaid. The mortgage on your home is a voluntary lien – you agree to put up your home as a guarantee that you'll repay the loan. Creditors, like the IRS or someone who has won a civil court suit against you, can also have a lien put on your home, but without your permission. All liens must be paid off before you can sell or will your property to someone.
Creditor's claim against property. For example, a mortgage is a lien against a house; if the mortgage is not paid on time, the house can be seized to satisfy the lien. Similarly, a bond is a lien against a company's assets; if interest and principal are not paid when due, the assets may be seized to pay the bondholders. As soon as a debt is paid, the lien is removed. Liens may be granted by courts to satisfy judgements.
a charge upon real or personal property for the satisfaction of some debt; the security interest created by a mortgage; any mortgage, deed of trust, pledge, hypothecation, encumbrance, lien or other security agreement, including, without limitation, any conditional sale or other title retention agreement, and any financing lease having substantially the same economic affect as any of the foregoing, except that statutory and other non–consensual liens will not be Liens.
Is an In Rem encumbrance or charge upon real or personal property or the right thereto to prevent the sale, transfer, encumbering, or hypothecation of the property until a child support debt is satisfied.
A legal hold or claim against a property to secure payment of a debt or other obligation such as payment of a mortgage loan, taxes, contractor fee, judgement, Etc. A lien is an encumbrance on the property.
A claim or charge against property that must be paid prior to obtaining clear title. Usually, the law allows the owner of the lien to start a court proceeding to force the sale of the property to pay off the lien. (foreclosure).
The right to retain possession of the property of another until the owner completes a legal duty to the person holding the property. For example, a workmen has a lien on property until he receives payment of lawful charges for work done on the property.
A legal claim on the property that acts as a security for the payment of a debt. If the debt is not repaid as promised, the lender or the lienholder can foreclose its claim on the property and force a public sale to pay the debt.
A lender's claim on assets offered as security for a loan. It is a right which a person, to whom a sum of money is owed by another, is given in law over the goods of that other', to secure payment of the sum owed. Lien may be possessory, i.e., exercisable only as long as the goods are in the possession of the claimant, and equitable, i.e., enforceable irrespective of the possession by the creditor.
A charge or claim which one person (lienor) has upon the property of another (lienee) as security for a debt or obligation. Liens can be created by agreement of the parties(mortgage) or by operation of law (tax liens).
A legal claim upon goods for the satisfaction of some debt or duty. Lightening A vessel discharges part of its cargo at anchor into a lighter to reduce the vessel's draft so it can then get alongside a pier.
Voluntary or involuntary monetary encumbrances which typically make property security for the payment of a debt or discharge of an obligation. It is a charge against real property. Examples; judgments (involuntary) or mortgages/deeds of trust (voluntary).
A charge upon real or personal property as security for some debt or duty. Also, the security interest created by a mortgage. The conditions of an insurance policy require the disclosure to the insurer of any existing lien on the insured property.
A cause filed in court to attach a portion or all of an obligor's real or personal property. Generally, liens are placed on property owned by a judgment debtor or through workers' compensation court against any settlements that might be reached
Legal document used to create a security interest in another's property. A lien Legal document used to create a security interest in another's property. is often given as a security for the payment of a debt. A lien Legal document used to create a security interest in another's property. can also be placed against a consumer for failure to pay the city, county, state or federal government money that is owed.
Legal document used to create a security interest in another's property. A lien is often given as a security for the payment of a debt. A lien can be placed against a consumer for failure to pay the city, county, state or federal government money that is owed. It means that the consumer's property is being used as collateral during repayment of the money that is owed.
A legal right or interest a creditor has in a debtor's property for the purpose of securing the payment of a debt. The Iowa Code authorizes a number of liens for specific obligations as well as for judgments.
A legally documented claim against a vehicle by another party to which the vehicle has been offered as security for repayment of a loan or other debt. A lien against the title may make it impossible to sell the vehicle and transfer the title until the lien is cleared.
A legal claim, attached to a property title, against the property for an unpaid debt. These can include: tax lien - a claim placed on the title when the owner owes taxes on the property. judgment lien - a court-ordered claim against the current or previous owner of the property. mechanic's lien - a claim by a contractor for any work done on the property.
In law, a lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienor and the person who has the benefit of the lien is referred to as the lienee.