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KembaraXtra – Legal Terms – Lien
A lien is a legal right allowing a person to retain possession of another’s property until a debt or obligation owed to them is satisfied. It acts as a form of security for payment.
Liens may be general, covering all debts owed by the owner, or particular, limited to claims relating to the specific goods in possession. Common examples include a seller retaining goods until paid or a repairer holding items until repair costs are settled.
Some liens depend on possession, while others, such as equitable or maritime liens, do not. These non-possessory liens can bind third parties and may be enforced through legal proceedings, including actions against the property itself.
A lien is a legal right allowing a person to retain possession of another’s property until a debt or obligation owed to them is satisfied. It acts as a form of security for payment.
Liens may be general, covering all debts owed by the owner, or particular, limited to claims relating to the specific goods in possession. Common examples include a seller retaining goods until paid or a repairer holding items until repair costs are settled.
Some liens depend on possession, while others, such as equitable or maritime liens, do not. These non-possessory liens can bind third parties and may be enforced through legal proceedings, including actions against the property itself.
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