![]() Mortgages, pledges and pawns are a generic species of the lien to the extent that they create creditor interests in property, although the law governing these differs substantially from that which applies to the lien.Ħ. An example of a statutory lien in general use in the United States is the mechanic's lien, most commonly of statutory creation, that confers upon builders, contractors and others furnishing labour and materials for land improvement an interest in the land so improved as security for payment for their services. Courts of equity will in certain situations recognize a creditor's interest in a debtor's property even though the property remains in the debtor's possession. In addition to the common-law possessory liens, there are also equitable and statutory liens. This classification of creditor's possessory liens was largely superseded in the eventual refinement of common-law contract remedies. Whether a creditor had a general or specific possessory lien came to be determined by custom and trade usage. The general lien extends not only to the value of services rendered in regard to the specific property but also to all indebtedness on general account by the property owner to the creditor. The specific lien extended only to the indebtedness of the property owner for the value of services rendered to or in connection with his propertythat is, the price for the repair or improvement of the property. In time, the common law developed two kinds of possessory liens: specific liens and general liens. The English common law early recognized the creditor's possessory lien, a right of a creditor to retain possession of a debtor's goods until the satisfaction of the debt, generally the payment of the purchase price. Although the term is of French derivation, the lien as a legal principle was a recognized property right in early Roman law. in property law, claim or charge upon property securing the payment of some debt or the satisfaction of some obligation or duty. Statutory liens are also available developers and building contractors, for example, may use their interest in an improved site as security for payment (a mechanic's lien).ĥ. Courts of equity may, through the device of the equitable lien, recognize a creditor's interest in a debtor's property. Common law developed two kinds of possessory lien: the specific (a lien on the specific property involved in a transaction) and the general (a lien for the satisfaction of a balance due, not confined to a specific property involved in a transaction). In law, a charge or encumbrance on property for the satisfaction of a debt or other duty. A legal claim upon goods for the satisfaction of some debt or duty.Ĥ. right to confiscate a piece of property in place of payment for a debt (Law) spleen (Anatomy)Ģ.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |