GENERAL LIEN Meaning and
Definition
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A general lien is a legal concept that refers to a type of security interest or right that a creditor has over all property or assets of a debtor, regardless of the specific nature or origin of the debt. It grants the creditor the authority to seize and sell any property or assets of the debtor in order to satisfy any outstanding debts owed.
Unlike a specific lien that is limited to a particular asset or property as collateral, a general lien is comprehensive and extends to all present and future assets owned by the debtor. This means that if the debtor defaults on any debt, the creditor can seize any property or assets, irrespective of whether they were used as collateral for that particular debt.
A general lien is typically created through a contractual agreement between the creditor and debtor, such as a loan agreement or mortgage. By signing the agreement, the debtor grants the creditor the right to exercise a general lien in case of default. In some cases, a general lien may also be created by law, such as a tax lien imposed by a governmental agency.
It is important to note that the exercise of a general lien is subject to legal restrictions and procedures. Generally, the creditor must follow applicable laws and regulations, which may involve obtaining a court order or providing notice to the debtor before seizing and selling the assets.
Common Misspellings for GENERAL LIEN
- feneral lien
- veneral lien
- beneral lien
- heneral lien
- yeneral lien
- teneral lien
- gwneral lien
- gsneral lien
- gdneral lien
- grneral lien
- g4neral lien
- g3neral lien
- geberal lien
- gemeral lien
- gejeral lien
- geheral lien
- genwral lien
- gensral lien
- gendral lien
- genrral lien
Etymology of GENERAL LIEN
The word "lien" originated from the Old French word "lien" which means "tie" or "bond". It can be traced back to the Latin word "ligamen" meaning "bond" or "chain".
The term "general lien" combines the word "lien" with the adjective "general". In legal terms, a general lien refers to a legal claim or right to retain possession of someone's property until a debt or duty is fulfilled. The term "general" implies that the lien covers all present and future debts owed by the debtor, rather than a specific debt or obligation.
Similar spelling words for GENERAL LIEN
- General Baptist,
- generalization,
- generalist,
- generally,
- generalise,
- generalisation,
- generalize,
- generality,
- generalised,
- generalissimo,
- general damages,
- general officer,
- general ledger,
- general store,
- general staff,
- general manager,
- General Custer,
- general anatomy,
- generalized,
- general agent,
- general verdict,
- generalship.
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