what's lien mean
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lien A right given to another by the owner of property to secure a debt, or one created by law in favor of certain creditors. A lien is an encumbrance on one person's property to secure a debt the property owner owes to another person.
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DEFINITION of 'Federal Tax Lien' Definition of 'Federal (Tax) Lien'. A Federal (Tax) Lien is a federally authorized lien or security placed against any and all assets of a taxpayer who has unpaid back taxes. What is a Federal Tax Lien: The federal lien allows the Internal Revenue Service (IRS) to secure or otherwise requisition the taxpayer's property in order to secure payment.
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Thesaurus AntonymsRelated WordsSynonymsLegend: Lie is an intransitive verb with two different meanings. To lie somewhere means to be there in a horizontal position, or to get into that position. She would lie on the floor, listening to music. When lie is used like this, its other forms are lies, lying, lay, lain. The-ed participle lain is rarely used.
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Types of Property Liens A lien is a notice attached to your property informing everyone that you owe the creditor money. Before you can sell your property and give clear title to the buyer, you must pay off the lien. Liens usually attach to real estate, but they can also attach to personal property in some situations.roperty Tax Liens. Usually, a property tax lien takes priority over all other mortgages or liens on the property, even if the property tax lien was placed on the property later. If you do not pay your taxes, to protect its mortgage, the lender will usually pay the taxes and add that to your mortgage debt.
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Liens Department of Revenue. Liens. A lien is a legal claim to secure a debt and may encumber real or personal property. A state tax lien (also known as a state tax execution) is recorded with one or more Clerks of Superior Court to make it a matter of public record and to secure the debt.
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What Is A Lien Release? What Is A Lien Release? A lien release is when the holder of a lien, or security interest in a piece of property, lifts or waives the lien, rendering the property free to purchase. Liens in Real Estate. A mortgage is the most common type of lien and represents the security interest the bank has in the real property.
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- (April 2008) In the mechanics lien process, a lien waiver is a document from a contractor, subcontractor, materials supplier, equipment lessor or other party to the construction project (the claimant) stating they have received payment and waive any future lien rights to the property (of the owner) for the amount paid.
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- Tax Lien. 1  A tax lien is a claim against a property imposed by law to secure the payment of taxes. 2  Delinquent Real Property Taxes will be advertised once a week for 3 consecutive weeks prior to the annual tax lien sale for the amount of taxes, accrued interest, advertising, and other applicable charges.
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Mechanic's lien A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.The lien exists for both real property and personal property.In the realm of real property, it is called by various names, including, generically, construction lien. mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property.
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Tax lien A tax lien is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real property or personal property, or as a result of failure to pay income taxes or other taxes. tax lien is a lien imposed by law upon a property to secure the payment of taxes. A tax lien may be imposed for delinquent taxes owed on real property or personal property, or as a result of failure to pay income taxes or other taxes.
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Liens A lien is a legal claim to secure a debt and may encumber real or personal property. A state tax lien (also known as a state tax execution) is recorded with one or more Clerks of Superior Court to make it a matter of public record and to secure the debt.
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- A lien on property is a type of security interest placed on a piece of property, real or personal, in order to secure a debt or obligation. Learn more.
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Automobile Owners Resource Center What is a lien? A lien is a claim on property to ensure payment of a debt. When you borrow money to purchase a car, the lender files a lien on the vehicle with the state to insure that if the loan defaults, the lender can take the car. When the debt is fully repaid, a release of the lien is provided by the lender.
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Lien The owner of the property, who grants the lien, is referred to as the lienee and the person who has the benefit of the lien is referred to as the lienor or lien holder. The etymological root is Anglo-French lien, loyen bond, restraint, from Latin ligamen, from ligare to bind. maritime lien is a lien on a vessel, given to secure the claim of a creditor who provided maritime services to the vessel or who suffered an injury from the vessel's use.
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- DEFINITION of 'Tax Lien Certificate'. A certificate of claim against property that has a lien placed upon it as a result of unpaid property taxes. Tax lien certificates are generally sold to investors by most counties and municipalities in the United States through an auction process.
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- DEFINITION of 'Property Lien'. A property lien is a legal claim on a tract of real estate granting the holder a specified amount of money upon the sale of the property. Such liens are often used to ensure the payment of a debt, with the property acting as collateral against the amount owed.
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Understanding Real Estate Liens Zip Code: A lien is a claim against property made by someone in order to secure payment of a debt. The lien makes the property collateral against monies or services owed to another person or entity. Collateral is an asset that has been pledged by the recipient of a loan as security on the value of the loan. lien is a claim against property made by someone in order to secure payment of a debt. The lien makes the property collateral against monies or services owed to another person or entity.
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- Liens on real estate are claims against property that are made in order to secure payment of a debt. If a person who owes a debt, often called a debtor, owes money to another person or entity, commonly called a creditor, then the creditor may place a lien on the debtor’s property for the value of the debt owed.
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- A property lien is a legal claim on a tract of real estate granting the holder a specified amount of money upon the sale of the property.Such liens are often used to ensure the payment of a debt, with the property acting as collateral against the amount owed. property lien is a legal claim on a tract of real estate granting the holder a specified amount of money upon the sale of the property.
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Difference between Mortgage and Lien A lien is only a security for a debt. It is merely a right to retain possession of chattel until payment is made.
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Federal (Tax) Lien A Federal (Tax) Lien is a federally authorized lien or security placed against any and all assets of a taxpayer who has unpaid back taxes.
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What is a negative lien? Negative lien is in the form of a personal assurance or undertaking which has binding effect but confers no right on the bank to proceed against the property itself and thus creates no encumbrance or charge on the property.
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- Word Origin and History for lien Expand. n. right to hold property of another until debt is paid, 1530s, from Middle French lien a band or tie, from Latin ligamen bond, from ligare to bind, tie (see ligament).
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The Mechanicâs âConstructionâ Lien Process A Mechanic’s Lien is one of the most powerful legal tools that a General Contractor, Subcontractor, Architect, Engineer, Material Supplier, or Laborer has to secure payment for the unpaid labor/materials/equipment it provided to a privately owned (as opposed to state or federally owned) Property.
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What Is a Lien Holder? A lien holder is someone who has either leased a vehicle to you with an insurable interest, or given you money on loan to buy it. The lien holder is usually a bank or another financial firm. When insuring your car, the lien holder is also included on your policy. This will protect the lien holder in the event that you are in an accident and damage the vehicle. The lien holder has a secured interest in the car.
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What Is a Release of Lien? Definition of a Lien When a tradesperson (carpenter or plumber, for example) does work on a home, they want to be sure they get paid. They may not be working directly with the homeowner, but have been hired by a general contractor to do the work.