Consensual Lien Agreement With Canada
Description
How to fill out Waiver And Release Of Lien By Contractor?
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FAQ
A lien is a legal claim against assets that allows a lender to obtain repayment through the sale of those assets. An example of a lien includes a mortgage on a home, where the lender holds the right to take possession if the borrower fails to make payments. In the context of a consensual lien agreement with Canada, individuals or businesses might use such agreements to secure loans by offering collateral. This arrangement ensures that both parties understand their rights and obligations, promoting a clear path for repayment.
The possessory lien arises both under common law and under a variety of statutes. Because it is nonconsensual, the possessory lien is not covered by Article 9 of the UCC, which is restricted to consensual security interests.
Article 9 is an article under the Uniform Commercial Code (UCC) that governs secured transactions, or those transactions that pair a debt with the creditor's interest in the secured property.
Consensual liens are voluntary. As the name implies, consensual liens are those to which you voluntarily consent, as a result of a loan or other advance of credit. The property purchased secures the buyer's obligation to pay for the property.
In that case, they may register a lien on your property title. Sometimes, they may do it without your knowledge or consent. If that's the case, you may not know about the NOSI lien unless you decide to sell your home; you or the buyer will discover it when doing a title search.
In simplest terms, if you owe money and that debt is attached to your home, there is a lien on the property. When that debt is paid in full, the lien is cleared from the record.
