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common-law lien—a lien arising under the common law, rather than by statute, equity, or agreement between the parties. concurrent lien —means one of two or more liens over the same property. consummate lien (United States)—a judgment lien arising after the denial of a motion for a new trial.
"Choate" has been used in several legal contexts, for example, any "choate right is an undefeatable right that is totally valid and ... totally free from encumbrances", [2] and a "choate lien is ... certain and definite". [2] Such a lien is a perfected security interest as used in the U.S. Federal Bankruptcy Code and Uniform Commercial Code.
A legal lien, in many common law systems, includes a right to retain physical possession of tangible assets as security for the underlying obligations. In some jurisdictions it is a form of possessory security, and possession of the assets must be transferred to (and maintained by) the secured party.
At common law, this was the name of a mixed action (springing from the earlier personal action of ejectione firmae) which lay for the recovery of the possession of land, and for damages for the unlawful detention of its possession. The action was highly fictitious, being in theory only for the recovery of a term for years, and brought by a ...
The following pages contain lists of legal terms: List of Latin legal terms; List of legal abbreviations; List of legal abbreviations (canon law) on Wiktionary: Appendix: English legal terms; Appendix: Glossary of legal terms
General liens: A general lien gives creditors the authority to seize a permissible possession if payment terms are not met. If someone fails to pay their federal income taxes, for example, the ...
A law dictionary (also known as legal dictionary) is a dictionary that is designed and compiled to give information about terms used in the field of law. Types [ edit ]
If the junior lien holder fails to object within the judicially established time frame, his lien is canceled and the purchaser's title is cleared. This effect is the same as the strict foreclosure that occurred in English common law of equity as a response to the development of the equity of redemption.