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choate lien (United States)—a lien in which the lienee, the property, and the monetary amount are established so that the lien is perfected and nothing else needs to be done to make the lien enforceable. [24] common-law lien—a lien arising under the common law, rather than by statute, equity, or agreement between the parties.
A UCC-1 financing statement (an abbreviation for Uniform Commercial Code-1) is a United States legal form that a creditor files to give notice that it has or may have an interest in the personal property of a debtor (a person who owes a debt to the creditor as typically specified in the agreement creating the debt).
A lien is a claim that allows a creditor to seize and sell collateral (for example, your home) to pay off unsatisfied debt. In the case of a mortgage, the creditor is your lender. Mortgage lien types
You may improve this article, discuss the issue on the talk page, or create a new article, as appropriate. ( July 2019 ) ( Learn how and when to remove this message ) In United States law , a lis pendens (Latin for 'suit pending' [ 1 ] ) is a written notice that a lawsuit has been filed concerning real estate , involving either the title to the ...
For example, in many jurisdictions a mechanic who repairs a car benefits from a lien over the car for the cost of repairs. This lien arises by operation of law in the absence of any agreement between the parties. Most security interests are granted by the person who owns the property to secure their own indebtedness.
Senior debt is often secured by collateral on which the lender has put in place a first lien. Usually this covers all the assets of a corporation and is often used for revolving credit lines. It is the debt that has priority for repayment in a liquidation .
In English law, the pledge is in the possession of the pledgee, as opposed to a nonpossessory lien or a mortgage. [3] Another difference between Roman and English law is that certain things (e.g. apparel, furniture and instruments of tillage) could not be pledged in Roman law, while there is no such restriction in English law.
A banker's lien is a legal right arise in many common law jurisdictions of a bank to exercise a lien over any property in the custody of the bank as security. Lien is of two types: Particular lien; General lien; Particular lien confers to retain the goods in connection with which a particular debt arose i.e.