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.
Puerto Rico 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
Puerto Rico enforces local driving laws based on US traffic regulations but includes unique modifications. Rules concerning speed limits, seatbelt use, and driving under the influence may vary. Awareness of the local driving laws helps residents comply and prevents potential legal issues, particularly in property-related instances where driving and logistics for repairs might intersect.
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.
It is the unpaid sellers right to retain the goods until the whole of the price is paid or tendered. Lien can be exercised only for non-payment of the price and not for any other charges due against the buyer.
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.
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.
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.
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 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.
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.
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.
