Individual Liens

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Commonly Asked Questions about Individual Liens

What is the main difference between a general lien and a specific lien?

General Lien A claim against some or all of a debtors property; any property may be sold to satisfy the debt. Specific Lien A claim against a specific piece of property; only that individual property may be used to collect against the debt.

What is the most common type of lien on property?

Six common types of liens are: Mortgage Lien. The most common type of lien is a mortgage. Tax Lien. Tax liens are special liens that are taken against a piece of property when the owner fails to pay their real estate taxes. Mechanics Lien. IRS Tax Lien. Judgment Lien. Child Support Lien.

What is a particular lien example?

For instance, a mortgage lien on a specific property is an example of a particular lien. Property is encumbered with a lien to secure a loan. If an individual takes out a loan to purchase a house, the lender may place a mortgage lien on the property until the loan is repaid.

What is an example of lien?

For example, if someone takes out a loan to buy a car, the car dealer would be paid using the borrowed funds from the bank. In turn, the bank would be granted a lien on the vehicle. If the borrower does not repay the loan, the bank has the right to execute the lien, seize the vehicle, and sell it to repay the loan.

What is a particular lien?

In Particular lien, the person reserves the right to retain the possession of the goods until the charges due in respect of the property are paid. A general lien is a right to retain the possession for the payment of the sum which is owed and even if the payment is not connected with the property in possession.

What is the difference between general and particular?

General means a model that describes the underlying pattern between a collection of related things. Particular is just one of those things that is related to all the other things by the underlying pattern. Example: General: A set is a model of a collection of things.

What is meant by lien?

A lien is a security interest or legal right acquired in ones property by a creditor, or lienholder. A lien usually prevents sale of the property until the underlying obligation to the creditor is satisfied.

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Individual Liens

Manage Individual Liens quickly online

Video Guide on Individual Liens management

Commonly Asked Questions about Individual Liens

What is the main difference between a general lien and a specific lien?