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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.
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.
"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.
Federal tax lien: The IRS can place a lien on your property due to failure to pay your federal taxes. This lien can cover your personal property as well as other real estate assets, any vehicles ...
Lien is any sort of charge or encumbrance against an item of property that secures the payment of a debt. Lien may also refer to: Maritime lien, maritime law term; Mechanics lien, hold on real property for the benefit of someone whose work or property improves the property; Tax lien, lien imposed on property by law to secure payment of taxes
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.
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.
Kroy Biermann’s attorney Marlys A. Bergstrom has filed a lien against him for alleged unpaid bills amid his divorce from estranged wife Kim Zolciak-Biermann.. In documents filed and obtained by ...