Business liens are security interests that creditors have in a business due to unpaid debts. There are two main types of commercial pledge: judicial pledge and consensual pledge. Buyers should conduct research to avoid costly legal battles and ensure the business is free and clear of any commercial encumbrances. A business lien is a security […]
A lien release is a document revoking a lien on a property. Liens are filed to secure a debt, but a release can be issued when the debt is paid. A release may also be needed if a property is bought with existing liens. Sometimes a release is not required, but in some cases, a […]
A lien foreclosure is a legal process used by lenders to recover money owed by borrowers who fail to make payments. The lender can initiate a foreclosure on the specified property, and if the borrower fails to repay the debt, the lender can sell the property to recover the money. In case of default, the […]
A lien is a legal right to another party’s possession. A notice of intent to pledge is required in some jurisdictions before a lien can be filed. It should identify the party requesting payment, state the item subject to lien, and clarify why the party believes it has the right to take such action. A […]
An affidavit of lien can be used to file a lien on a property or to swear that a property is free from liens. Creditors use liens to secure debts and protect themselves. Liens can be obtained in various ways, and buyers may require a no bond affidavit to protect against liens. An affidavit of […]
A lien is a legal document that uses a person’s property as collateral for a loan, with specific legal situations determining the type of lien. Common law systems allow for consensual and non-consensual liens, with the latter including tax and mechanic liens. In the US, privileges can be entered into voluntarily or involuntarily, with special […]
A general lien is a creditor’s right to access all assets owned by a borrower in the event of loan default. It allows individuals and businesses to pledge multiple assets as collateral for loans. The creditor can collect any of the pledged collateral to settle the debt. Companies use global liens to secure short-term financing […]
