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.
Montana Contract Provision Authorizing a Lien on Property Left for Repair and Sale of Property for Failure to Pay Repair Charges
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How to fill out Contract Provision Authorizing A Lien On Property Left For Repair And Sale Of Property For Failure To Pay Repair Charges?
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FAQ
Lien is a right of possession of property or goods by a person who is due for payment of any kind. It is a right under law instead of a contract under the Indian Contract Act.
Particular lien is one in which the person has a right to retain the possession of goods for which the charges are due. Particular lien is available only to bailee against those goods in respect of which he has rendered some service involving the exercise of labour or skill.
Lien is one of the rights available to a person to retain possession of goods owned by another person until the assertion of the person having the control is satisfied. Under the Indian Contract Act, 1872 the Bailee is free to employ or operate the Right of Lien in a Contract of Bailment.
The Indian Contract Act, 1872 classifies the Right of Lien into two types: Particular Lien and General Lien. Section 170 of the aforesaid Act gives the exact definition of Particular Lien which states that the Bailee is free to hold control of a precise property with position to the charge which is due.
A security interest or legal right acquired in one's property by a creditor. A lien generally stays in effect until the underlying obligation to the creditor is satisfied. If the underlying obligation is not satisfied, the creditor may be able to take possession of the property involved.
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.
The right is not restricted by law of limitation. The act only restricts the remedy through court and not discharges the debt. Hence, bank can recover debts even when time have exceeded also.
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.
Two kinds of possessory liens: specific liens and general liens. 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.
A lien is often granted when an individual takes out a loan from a bank to purchase an asset. For example, if an individual purchases a vehicle, the seller would be paid using the borrowed funds from the bank. In turn, the bank would be granted a lien on the vehicle.
