Search results
Results From The WOW.Com Content Network
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.
banker's lien—the right of a bank to satisfy a customer's matured debt by seizing the customer's money or property within the bank's possession. blanket lien—a lien that gives the lienor the entitlement to take possession of any or all of the lienee's real property to cover a delinquent loan.
An equitable lien takes effect essentially as an equitable charge, and arises only in specified situations, (e.g. an unpaid vendor's lien in relation to property is an equitable lien; a maritime lien is sometimes thought to be an equitable lien).
Specific liens: A specific lien is tied to one certain asset and typically used for larger loans, such as mortgages. If you get a mortgage for a vacation home, for instance, the lender will put a ...
The specific rights of the first lien and second lien lenders are established in the credit agreements between the borrower and each class of lender as well as in an intercreditor agreement. An intercreditor agreement is a contract between multiple classes of lenders where each class of lender agrees to specific procedures and preferences in ...
Negative pledge is a provision in a contract which prohibits a party to the contract from creating any security interests over certain property specified in the provision. ...
Key takeaways. If you’re facing foreclosure, the right of redemption gives you a legal pathway to keep or regain your home, by paying back the entire outstanding loan, plus interest and fees.
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 .