2006-12-19 05:17:53 · 8 answers · asked by Anonymous in Business & Finance ➔ Credit
A lien is, in simply terms, a legal instrument which renders an asset, such as your house or car, unsaleable until an outstanding obligation is satisfied. Typically this is a monetary obligation. Example: You hire a plumber to do repairs to your home and you refuse to pay him. The plumber will place a mechanics lien against your home making it impossible to sell until you satisfy the debt.
2006-12-19 05:27:12 · answer #1 · answered by radar 3 · 1⤊ 0⤋
LIEN - The right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property, such as the payment of lawful charges for work done on the property. A mortgage is a common lien.
In its widest meaning this term includes every case in which real or personal property is charged with the payment of any debt or duty; every such charge being denominated a lien on the property. In a more limited sense it is defined to be a right of detaining the property of another until some claim be satisfied.
The right of lien generally arises by operation of law, but in some cases it is created by express contract.
2006-12-19 13:23:23 · answer #2 · answered by DAVID C 6 · 1⤊ 1⤋
In my profession we put liens on peoples homes several times a day. No they can't take your home from you, they can take the equity. If you refinance or sell it or anything with your home, they are entitled to the money. Hope this helps!
2006-12-19 13:29:45 · answer #3 · answered by *STAR* 3 · 1⤊ 0⤋
someone or some company has the right to place a lien on your property, person, etc. Usually it is if you default on a loan or dont pay someone for work on your property.
2006-12-19 15:00:57 · answer #4 · answered by Anonymous · 1⤊ 0⤋
It's a claim put against your house or possessions (usually of high value like a boat, car etc) by your creditors. If you don't pay up they have the right to legally seize the item/s xxxxx
2006-12-19 13:23:23 · answer #5 · answered by starlet108 7 · 1⤊ 0⤋
the right to detain goods of another until some claim has been settled
2006-12-19 13:24:09 · answer #6 · answered by Borlax 3 · 1⤊ 0⤋
They have right to the property if you don't pay.
2006-12-19 13:20:47 · answer #7 · answered by Kevin K 3 · 1⤊ 0⤋
what?
2006-12-19 13:20:06 · answer #8 · answered by Anonymous · 0⤊ 1⤋