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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.
Definition and use ... Reason is the soul of the law, and when the reason of any particular law ceases, ... Lien (possessory) ius variandi:
"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.
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 ...
The English common law recognized mechanic's liens respecting only personal property. The lien was created by operation of law by the fact of the artisan working on the personal property item or attaching additional material to it. However, to maintain the lien, the artisan had to retain possession of the article until he or she was paid.
The American rule (capitalized as American Rule in some U.S. states) is the default legal rule in the United States controlling assessment of attorneys' fees arising out of litigation. It provides that each party is responsible for paying its own attorney's fees, [ 1 ] [ 2 ] unless specific authority granted by statute or contract allows the ...
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.