Lien For Retentions
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Description Agreement Truck Contract
A vendor's lien is the right of a seller to repossess the property sold until the buyer makes all payments for the full purchase price. The property is the collateral given as security to the seller for the purchase price. The term security interest refers to the property rights of a lender or creditor whos right to collect a debt is secured by property. A secured transaction is created by means of a security agreement in which a lender (the secured party) may take specified collateral owned by the borrower if he or she should default on the loan. Collateral is the property that secures the debt and may be forfeited to the creditor if the debtor fails to pay the debt.
This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
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Agreement Payments Template Form Popularity
Agreement Vendors Other Form Names
Retention Lien FAQ
What protection does a buyer have in an installment sale agreement?
What is seller financing in real estate?
In what type of financing arrangement does the buyer of a property take over payments on the seller's mortgage?
Under which of the following financing arrangements would a seller retain the property title until the buyer has paid off the loan?
Who holds title in seller financing?
Who retains legal title in an installment contract?
In which of the following does the seller retain legal title?
What does it mean when a seller holds the mortgage?
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