Liens

Question 1

What is a Lien?

Answer 1

The creditors right to posses and retain personal property when the creditor has made improvements or enchanced value of the debtors property.

Question 2

What is a general lien?

Answer 2

The lienors right to retain the debtors property until payment is made for that specific property and collect on any balance that the debtor has in the same line of business with the lienor

Question 3

Who is the lienor?

Answer 3

The creditor

Question 4

For a general lien, if a lienor releases some of the chattel are the released chattel free from the lienors lien?

Answer 4

YES

Question 5

For a general lien if the lienor releases some chattel does that forfeit the lienors right to the chattel that remains in hiss possession?

Answer 5

No

Question 6

What is a special lien?

Answer 6

Lienors right to retain specific property as security for payment due for services rendered to that property?

Question 7

How is a lien discharged?

Answer 7

Satisfaction of the lien
Surrender of property
Inconsistent contractual terms

Question 8

What is the IL Mechanics Lien Act?

Answer 8

Protection for parties who offer services, labor or materials for work (e.g car repair)

Question 9

A party that records a mechanic lien have superior rights over others who have interest in the same property?

Answer 9

YES

Question 10

A party that records a mechanic lien have superior rights over a bank that loans the money to buy property?

Answer 10

YES

Question 11

How are mechanic liens enforced?

Answer 11

By possession of property or its sale through notice of judicial foreclosure.