What is the meaning of particular lien?

What is the meaning of particular lien?

: a lien upon specific property as security for the payment of a debt or the satisfaction of some other obligation arising out of a transaction or agreement involving that property. — called also specific lien. — compare common-law lien , general lien.

What is a general lien example?

A general lien is one that attaches to ALL property owned by the lienee. Examples of general liens include: -Federal income tax lien – a statutory lien which can occur when federal income taxes are not paid. -Judgement Lien – a statutory lien which results from court action brought against the lienee.

Is Bankers lien a particular lien?

Banker’s lien is a general lien recognized by law. The general lien on the banker is regarded as something more than an ordinary lien; it is an implied pledge.

What is general lien in law?

A general lien is the right of one person to retain any property or goods which are in his possession belonging to another person until the promise or liability is discharged. A general lien is available to bankers, factors, attorneys of the High Court, and policy brokers.

What is particular lien in contract?

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.

Does a bailee has a right of both particular and general lien?

The goods bailed must be in the possession of the bailee. If he surrenders the goods, his right to lien ends. If all these four conditions are satisfied, then the bailee has a right to retain the goods till he is paid for such service.

What is the difference between a general and a specific lien quizlet?

A general lien is a lien against personal property, while a specific lien is a lien against real estate. A general lien cannot be enforced in court, while a specific lien can. the property owner or the owner’s authorized representative. any of the companies that provide work or materials for the property improvement.

Is a mortgage a general or specific lien?

Mortgage lien: A mortgage lien is a voluntary, specific lien. In fact, it’s the most common type of voluntary real estate lien. When you borrow money to buy or refinance a piece of real estate, you give the lender a lien against the property.

What are the different types of liens?

There are three common types of liens: statutory, consensual, and judgment.

What is meant by general lien?

A general lien is a right to retain the possession for the payment of the sum which is owed and even if the payment is not connected with the property in possession. Section 170 of the Indian Contract Act, 1872 deals with a particular lien while Section 171 deals with General Lien.

What are the uses of right of general lien?

One of the important rights enjoyed by a banker is the right of general lien. Lien means the right of the creditor to retain the goods and securities owned by the debtor until the debt due from him is repaid. It confers upon the creditor the right to retain the security of the debtor and not the right to sell it .

What are the different types of lien?

What is the difference between specific and general liens?

The points given below describe the difference between general lien and particular lien in detail: General Lien can be described as the right granted to a person to retain the possession of goods belonging to another person against the general balance of the account. A general lien is available for any goods, in respect of which the claims are not satisfied. General Lien is not automatic but is recognized through an agreement, whereas particular lien is automatic.

What is an example of a general lien?

A general lien is against all the property owned by a debtor. This is different from a specific lien, which is against a specific piece of property. A typical car loan or home mortgage is an example of a specific lien.

What is a specific lien?

Definition of particular lien. : a lien upon specific property as security for the payment of a debt or the satisfaction of some other obligation arising out of a transaction or agreement involving that property. — called also specific lien.

Are there liens on a property?

A property lien is a legal claim on assets that allows the holder to obtain access to the property if debts are not paid. A property lien must be filed and approved by a county records office or state agency. It is then delivered to the property holder with specific terms notifying them that action has been taken to repossess a piece of property.