{"id":8155,"date":"2017-11-18T02:26:11","date_gmt":"2017-11-18T02:26:11","guid":{"rendered":"https:\/\/reunitethestates.org\/?page_id=8155"},"modified":"2018-05-22T15:47:11","modified_gmt":"2018-05-22T15:47:11","slug":"lien-a-legal-right-or-interest-that-a-creditor-has-in-anothers-property-lasting-usually-until-a-debt-or-duty-that-it-secures-is-satisfied","status":"publish","type":"page","link":"https:\/\/reunitethestates.org\/?page_id=8155","title":{"rendered":"lien – a legal right or proprietary interest a creditor retains in property until the debt &\/or duty that it secures is satisfied:"},"content":{"rendered":"

\u00a0 \u00a0 \u00a0This page is continued from Legal Instruments<\/a> >>>> Securities<\/a>:<\/span><\/strong><\/p>\n

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lien<\/span>:<\/span><\/span><\/strong>
\nn<\/em>. (16c)<\/span><\/p>\n

1. A legal right or interest that a creditor has in another\u2019s property, lasting usually until a debt or duty that it secures is satisfied.\u00a0 *\u00a0 Typically, the creditor does not take possession of the property on which the lien has been obtained.<\/strong>\u00a0 Cf. PLEDGE (3). \u2014<\/span> lien<\/strong><\/span><\/em>, vb<\/em>. \u2014<\/span> lienable<\/strong><\/span><\/em>, liened<\/strong><\/span><\/em>, adj<\/em>. [1]<\/span>
\n<\/span><\/p>\n

1. A charge upon property for the payment or discharge of a debt or duty.\u00a0 The right which the law gives to have a debt satisfied out of a particular thing; a proprietary interest which, in a given case, may be exercised over the property of another.\u00a0<\/span> 33 Am J1st Liens \u00a7 2<\/span>. <\/span><\/span><\/strong><\/p>\n

In the aspect of a common-law lien, the mere right in one person to retain that which is in his possession belonging to another until certain demands of the person in possession are satisfied.\u00a0<\/span> Agnew v American Ice Co<\/em>. 2 NJ 291, 66 A2d 330, 10 ALR2d 232<\/span>.<\/span><\/span><\/strong><\/p>\n

The word “lien” is the same origin as the word “liable,” and the right of lien expresses the liability of certain property for a certain legal duty, or a right to resort to it in order to enforce that duty.<\/span>\u00a0 Wood’s Appeal, 30 Pa 274, 277<\/span>.<\/span><\/strong> [2]<\/span><\/span><\/p>\n

1. A claim or charge on, or right against, personal property, or an encumbrance on real property, for the payment of a debt.\u00a0 A lien may be created by statute (EXAMPLES: a tax lien; an attachment lien) or by agreement between the parties (EXAMPLES: a mortgage on real estate; a security agreement covering personal property).\u00a0 In some instances, a lien permits the creditor to retain the debtor’s property in his possession until the debt is satisfied.\u00a0 Such a lien is called a possessory lien. (EXAMPLES: a landlord’s lien; an attorney’s lien.)\u00a0 There is a great variety of liens.<\/strong> [3]<\/span><\/p>\n

Related Terms:<\/strong><\/span><\/p>\n

lienable <\/span>–<\/strong>\u00a0adj<\/em>. (1855) (Of property) legally amenable to a lie capable of being subject to a lien.<\/strong><\/span><\/p>\n

lienholder<\/span> –<\/strong> (1830) A person having or owning a lien.<\/strong>\u00a0\u2014 aka lienor<\/strong><\/em><\/span>; lienee<\/strong><\/em><\/span>.\u00a0<\/span><\/p>\n

lienee<\/span> –<\/strong> (1853) 1. One whose property\u00a0<\/strong><\/span>is subject to a lien. <\/span><\/strong><\/p>\n

2. An encumbrancer who holds a lien; LIENHOLDER. Because the word is a \u201ccontronym\u201d with opposite senses, it is best avoided \u2014 along with its correlative lienor<\/em>.<\/span><\/strong><\/p>\n

\u00a0 \u00a0 \u00a0Excerpt from John Salmond, Jurisprudence<\/em><\/a> 440 (Glanville L. Williams ed., 10th ed. 1947):<\/span><\/strong><\/p>\n

\u00a0 \u00a0 \u00a0\u201c[A] mortgagee is the owner of the property, while a pledgee or other lienee is merely an encumbrancer of it.<\/span>\u201d\u00a0<\/span><\/strong><\/p>\n

lien creditor<\/span> – <\/span><\/strong>(1821) – A creditor whose claim is secured bya lien on the debtor’s property; specifically, someone who is\u00a0<\/strong><\/span><\/p>\n

(1) a creditor that has acquired a lien by attachment, levy, or the like,<\/span><\/strong><\/p>\n

(2) an assignee for the benefit of creditors from the time of assignment,\u00a0<\/span><\/strong><\/p>\n

(3) a trustee in bankruptcy from the date of the filing of the bankruptcy petition, or<\/span><\/strong><\/p>\n

(4) a receiver in equity from the time of pappointment. UCC\u00a0\u00a7 9-102(a)(52)<\/span>.<\/strong> [1]<\/span><\/p>\n

1. A creditor who holds a lien for the debt owed to him.<\/strong> [2]<\/span><\/p>\n

1. A creditor whose debt is secured by a lien. \u00a0EXAMPLES: an execution creditor; a judgment creditor.<\/strong> [3]<\/span><\/p>\n

levy<\/span> –<\/strong> n<\/em>. (13c) 1. The imposition of a fine or tax; the fine or tax so imposed.\u00a0<\/strong>\u2014 aka tax levy<\/span><\/strong><\/em>.<\/span><\/p>\n

2. The legally sanctioned seizure and sale of property; the money obtained from such a sale.\u00a0<\/strong>\u2014 aka (in sense 3) levy of execution<\/strong><\/span><\/em>.<\/span><\/p>\n