Liens

Question 1

Equitable Lien

Answer 1

A lien on property imposed by a court in order to achieve fairness, particularly when someone has possession of property which he/she holds for another.

Question 2

General Lien

Answer 2

A lien on all of the property of a debtor

Question 3

Involuntary Lien

Answer 3

A lien imposed against property without consent of an owner; example – taxes, special assessments, federal income tax liens, etc.

Question 4

Mechanic’s Lien

Answer 4

A security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.

Question 5

Specific Lien

Answer 5

A lien that attaches to one specific property only

Question 6

Statutory Lien

Answer 6

A charge or claim upon property that arises by virtue of specific statutes that address the relationship between the property owner and the party given the ability to place the lien.

Question 7

Voluntary Lien

Answer 7

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.

Question 8

Judgement Lien

Answer 8

A legal claim on all property of.a judgement debtor which enables the judgement creditor to have the property sold for payment of the amount of the judgement

Question 9

Priority of Lien

Answer 9

the order in which liens are given legal precedences or preference

Question 10

Tax lien

Answer 10

A lien imposed by law upon a property to secure the payment of taxes

Question 11

Lien

Answer 11

A form of encumbrance which usually makes specific property security for the payment of a debt or discharge of an obligation.