Liens and Writs

Question 1

What types of individuals/org’s use “Materialman’s & Mechanics’ liens?

Answer 1

General contractors, sub contractors, and suppliers

Question 2

What are the general characteristics of “Materialman’s & Mechanics’ liens?

Answer 2

They are statutory liens that must be filed in a timely manner (usually set # of days after last point in time materials and/or labor were supplied)

Ex. his brother the cabinetry man who filed after 45 days and didn’t get paid

Question 3

What are general characteristics of artisans’ liens?

Answer 3

statutory liens that last as long as the creditor maintains possession of the property.

ex. mechanic

Question 4

What is needed if a debtor refuses to pay a creditor even after a judgment requires it?

Answer 4

a writ of execution

Question 5

What is a writ of execution?

Answer 5

a post-judgment order to the sheriff to seize and sell non-exempt property of the debtor

Question 6

What is a writ of attachment?

Answer 6

This is a PRE-judgment freeze on movement and sale of assets (rare)

Question 7

When would a writ of attachment be an option?

Answer 7

1- statutory grounds are met (debtor about to leave jurisdiction)

2- Judicial hearing supported by affidavits (written statement confirmed by oath or affirmation for use as evidence in court)

3- Creditor normally has to post a bond to protect the debtor in the event the attachment was wrongful

Question 8

What is a writ of garnishment?

Answer 8

Orders to 3rd parties who have property belonging to the debtor or who owe money to the debtor to pay these things over to the creditor rather than the debtor. (large limitations to this by law)

Question 9

What is a creditors’ composition agreement?

Answer 9

This is when a debtor and creditor get together and decide on a lower percentage of debt to be owed so creditor gets as much as possible before the debtor goes into bankruptcy