Lien definition: Copy, customize, and use instantly
Introduction
The term "Lien" refers to a legal claim or encumbrance placed on property to secure the payment of a debt or the performance of an obligation. It ensures that the creditor has a right to take possession or control of the property if the debtor fails to meet the terms of the agreement.
Below are various examples of how "Lien" can be defined in different contexts. Copy the one that fits your needs, customize it, and use it in your contract.
Definition of "Lien" as a security interest
This definition ties "Lien" to a creditor’s right to hold property until an obligation is satisfied.
"Lien" means a legal right or interest that a creditor has in the debtor's property, granted to secure the repayment of a debt or obligation, and enforceable in the event of default.
Definition of "Lien" as mechanic’s lien
This definition connects "Lien" to the protection of contractors and suppliers for unpaid work or materials.
"Lien" refers to a legal claim placed on property by a contractor, subcontractor, or supplier who has provided labor or materials for work performed on the property but has not been paid for those services.
Definition of "Lien" as mortgage lien
This definition links "Lien" to the rights of a lender in a mortgage arrangement.
"Lien" means a legal claim or encumbrance placed on a property by a lender to secure a loan, typically in the form of a mortgage, which allows the lender to take possession of the property if the borrower defaults.
Definition of "Lien" as tax lien
This definition applies "Lien" to the collection of unpaid taxes by a government entity.
"Lien" refers to a claim imposed by a government authority on a property due to unpaid taxes, giving the government the right to sell or seize the property to satisfy the outstanding tax liability.
Definition of "Lien" as judicial lien
This definition applies "Lien" to a legal claim following a court judgment.
"Lien" means a court-ordered claim or encumbrance placed on a property in response to a legal judgment, ensuring that the creditor is paid from the proceeds of the property’s sale.
Definition of "Lien" as equitable lien
This definition ties "Lien" to a claim based on fairness or equity.
"Lien" refers to a claim or encumbrance on property that is based on fairness or equity, rather than legal title, and is typically used to enforce an obligation such as the payment of money or performance of a duty.
Definition of "Lien" as a lien on goods
This definition links "Lien" to the retention of possession of goods until payment is made.
"Lien" means a right to retain possession of goods until payment for services rendered or goods supplied is made, often used by sellers, repairers, or those holding property under a contract.
Definition of "Lien" as consensual lien
This definition connects "Lien" to an agreement between parties to secure an obligation.
"Lien" refers to a voluntary agreement between a debtor and creditor where the debtor agrees to encumber certain property to secure a loan or other obligation.
Definition of "Lien" as statutory lien
This definition ties "Lien" to a claim created by law.
"Lien" means a legal right to take possession of a property due to statutory provisions, often arising from an unpaid debt or unpaid service fees, and enforced without requiring a court judgment.
Definition of "Lien" as landlord’s lien
This definition links "Lien" to a landlord’s right to secure unpaid rent.
"Lien" refers to a right of a landlord to hold a tenant’s property as security for unpaid rent or other obligations under the lease agreement, and in some cases, may extend to selling the tenant’s property to recover owed amounts.
Definition of "Lien" as vendor’s lien
This definition applies "Lien" to the protection of a vendor in a sales agreement.
"Lien" refers to a legal claim held by a vendor over the property sold until the full purchase price is paid, often arising when the buyer has yet to settle the balance of the sale price.
Definition of "Lien" as contractual lien
This definition connects "Lien" to a claim created by a contractual agreement.
"Lien" refers to a claim on a property that is created through the terms of a contract between the parties, such as the right of a supplier to retain goods until payment is received.
Definition of "Lien" as a prior lien
This definition links "Lien" to a claim that takes precedence over others.
"Lien" means a claim that has precedence over other claims or liens on the same property, often arising in the context of mortgage loans or secured financing agreements.
Definition of "Lien" as general lien
This definition ties "Lien" to the creditor’s broad right over all of the debtor’s property.
"Lien" refers to a right of a creditor to retain possession of all the property of the debtor until an obligation is fulfilled, regardless of the specific property associated with the debt.
Definition of "Lien" as garnishment lien
This definition links "Lien" to the attachment of wages or bank accounts.
"Lien" refers to a legal claim placed on a debtor's property or wages to satisfy a debt, often arising from a garnishment order issued by a court to recover the debt directly from the debtor's earnings or bank account.
Definition of "Lien" as a financial lien
"Lien" means a legal claim or encumbrance placed on assets or property to secure a financial obligation, typically used in secured lending arrangements or debt recovery.
Definition of "Lien" as construction lien
"Lien" refers to a claim placed by a contractor, subcontractor, or material supplier on real property due to unpaid work or materials provided in connection with a construction project.
Definition of "Lien" as lienholder
"Lien" refers to the party that holds a lien, which may be a lender, creditor, or service provider, with the right to take possession of or sell property to satisfy a debt.
Definition of "Lien" as vendor’s lien on property
"Lien" means a claim or encumbrance placed by a seller on a property or asset that remains unpaid, typically in cases where the buyer has not completed the payment under a sales contract.
Definition of "Lien" as judgment lien
"Lien" refers to a claim placed on the property of a debtor by a court as a result of a legal judgment, which ensures the debtor satisfies the judgment through the sale of the property.
Definition of "Lien" as lien for unpaid wages
"Lien" means a claim placed by an employee or contractor on the employer's property or assets to secure unpaid wages or compensation under an employment agreement.
Definition of "Lien" as a mortgage lender’s lien
"Lien" refers to the legal right of a mortgage lender to secure the repayment of a loan with real property, which gives the lender the right to foreclose if the borrower defaults.
Definition of "Lien" as lien for unpaid taxes
"Lien" refers to the legal claim placed on a property by a government entity due to the failure to pay taxes, enabling the government to collect the owed taxes by seizing or selling the property.
Definition of "Lien" as lien on intellectual property
"Lien" refers to a claim placed on intangible property, such as patents or trademarks, used to secure a debt or financial obligation, providing the creditor with a right to access or claim the property upon default.
Definition of "Lien" as lien on inventory
"Lien" refers to a legal claim placed by a creditor or lender on a business’s inventory, often used as collateral for a loan, allowing the lender to take possession of the inventory in case of default.
Definition of "Lien" as lien for unpaid loans
"Lien" refers to a creditor’s claim on a borrower’s property or assets to secure an unpaid loan, with the right to seize the property if the borrower defaults on their loan repayment obligations.
Definition of "Lien" as possessory lien
"Lien" refers to a claim that allows a party to retain possession of property until a debt or obligation is paid, such as a mechanic's lien for unpaid repair work.
Definition of "Lien" as equitable lien on proceeds
"Lien" refers to a claim placed on the proceeds of the sale of property, often arising in cases where the property was sold to satisfy a debt, and the lien is enforceable to ensure payment.
Definition of "Lien" as lien for unpaid services
"Lien" means a claim placed by a service provider or contractor on property or assets for unpaid services rendered, such as professional consulting or repair work.
Definition of "Lien" as lien on leased property
"Lien" refers to a claim placed on property or assets that are leased to a third party, where the lessor has a right to seize or sell the leased property in the event of non-payment or breach of lease terms.
This article contains general legal information and does not contain legal advice. Cobrief is not a law firm or a substitute for an attorney or law firm. The law is complex and changes often. For legal advice, please ask a lawyer.