Quick Answer: What Is A Lien Quizlet?

How do I get a lien removed?

Login to your online banking account (www.onlinesbi.com) and click on “Requests” tab and select “State Bank Virtual Card” option.Click on “Cancel Virtual Card” tab.After you confirm the action, the lien on the amount will be automatically released..

What type of lien is a 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 is a specific lien?

A specific lien is granted only with respect to a particular asset. In foreclosure, the specific asset is the real property that is subject to the foreclosure. A specific lien also occurs in the context of real estate property taxes owed on a subject property.

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. … Within these categories, many liens have specific names that usually stem from the type of creditor involved.

What are specific liens examples?

Examples of specific liens include: -Property tax lien when taxes are not paid. -Mortgage lien when a mortgage is used in financing. -Mechanic’s lien when work done is not paid for. Specific liens are also called SPECIAL liens.

What is Lien example?

An example of a lien is a bank holding the title to a car until the car loan has been completely paid. (law) A legal claim; a charge upon real or personal property for the satisfaction of some debt or duty.

Can someone put a lien on my house without me knowing?

Can a lien be placed on your property without you knowing? Yes, it happens. Sometimes a court decision or settlement results in a lien being placed on a property, and for some reason the owner doesn’t know about it– initially.

Can you put a lien against a person?

The short answer to that question is usually no. If somebody owes you money you could sue them, you could obtain a judgment, you can obtain what’s called a “judgment lien” and once you get the judgment lien, you can have the court record that against their property including the real estate.

Why do banks keep lien amounts?

The bank puts the lien for securing the funds for several reasons: The banks have a proposal of maintaining a minimum balance in the account. The account holders who fail to maintain the minimum balance pay penalty charges for non-maintenance. The bank will deduct the penalty charges automatically.

How does lien priority change?

How can a junior lien’s priority be changed? The lienee can “promote” one lien above another at the request of a lienee. A lienor can sue to have its lien reclassified as superior. If the holder of a superior lien dies, an inferior lien holder automatically moves up on the schedule of priority.

Which of the following tax liens is a junior lien?

Junior liens include; income tax liens, corporate income tax liens, intangible tax lien, judgment lien, mortgage lien, vendor’s lien, mechanic’s lien.

What is the definition of a lien?

A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A lien could be established by a creditor or a legal judgement. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.

What does a lien against you mean?

If you owe money to a creditor and don’t pay, that party may sue you for the balance. If the court rules against you, the creditor can file a judgment lien against you. … In a few states, if a court enters a judgment against a debtor, a lien is automatically created on any real estate the debtor owns in that county.

How is a lien terminated quizlet?

How is a lien terminated? Payment of the debt that is the subject of the lien and recording of the satisfaction. What date is used to establish lien priority for a mechanic’s lien? The date of beginning or ending the mechanic’s work, per state law.

How is a lien created?

A judicial lien is created when a court grants a creditor an interest in the debtor’s property, after a court judgment. … A plaintiff who obtains a monetary judgment is termed a “judgment creditor.” The defendant becomes a “judgment debtor.” The judgment in the lawsuit provides the basis for the lien.

Which Lien is highest in priority?

first lienThe first lien has a higher priority than other liens and gets first crack at the sale proceeds. If any sales proceeds are left after the first lien is paid in full, the excess proceeds go to the second lien—like a second-mortgage lender or judgment creditor—until that lien is paid off, and so on.

What is a lien amount?

A lien means putting a lock. So, the lien amount is the amount which the bank has put a hold on. That amount is frozen, and you can’t withdraw those funds or use them until the lien is removed. The bank may put a lien on a specific amount in an account, or on the entire account.

Which document would note a lien on the title?

It’s the promissory note that contains the promise to repay an amount borrowed to buy a home. A “mortgage” is a contract between you and the lender that creates a lien on the property. Some states use mortgages to create the lien, while others use deeds of trust or another similar-sounding instrument.