The right of lien generally arises by operation of law, but in some cases it is created by express contract. Laws regarding liens and notices of sale pursuant to an unsatisfied lien vary by jurisdiction, so local laws should be consulted.
Alabama Contract Provision Authorizing a Lien on Property Left for Repair and Sale of Property for Failure to Pay Repair Charges
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Lien, in property law, claim or charge upon property securing the payment of some debt or the satisfaction of some obligation or duty. Although the term is of French derivation, the lien as a legal principle was a recognized property right in early Roman law.
All persons who, at the request of the owner or owner's agent, furnish labor, material, leasing equipment, special skills, or other necessary services to a project for constructing a work of improvement on real property are entitled to a mechanics' lien unless they come within a statutory or case law exception.
The term lien refers to a legal claim or legal right which is made against the assets that are held as collaterals for satisfying a debt. A lien can be established by a creditor or a legal judgement. The purpose of the lien is to guarantee an underlying obligation such as the repayment of the loan.
Lien is the right of an individual to retain goods and securities in his possession that belongs to another until certain legal debts due to the person retaining the goods are satisfied. Lien does not endorse a power of sale but only to retain the property.
In order for an artisan's lien to be valid, the lien holder normally must have possession of the property. The right of a lienholder to possess goods does not automatically give the lienholder the right to sell the goods or to claim ownership if his charges are not paid.
Which of the following is an example of circumstances under which a mechanic's lien might not be enforced? If a contractor performs deficient work.
12. When determining the starting time for a mechanic's lien, it is important to know when the work began, known as the: a. start-stop period.
A mechanic's lien is a legal claim against a home or other property. Mechanic's liens are typically used by subcontractors and suppliers when they haven't received payment for improvements they made to a property. They are a way to seek payment for the work done remodeling or improving a home.
