LGS 200 Lecture Notes - Lecture 16: Chapter 7, Title 11, United States Code, Adjustable-Rate Mortgage, Community Property
21 Mar 2017
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Document Summary
Lien- an encumbrance on property to satisfy a debt or protect a claim for the payment of debt. Security interest- an interest in a debtor"s personal property that seller, lender, or other creditors takes to secure payment of an obligation. Creates a special type of debtor-creditor relationship in which the real estate itself becomes security for the debt. Must have retained possession of the property and have expressly agreed to provide the services on a cash basis (jewelry or car) Attachment - court-ordered seizure and taking into custody of property before a judgement is obtained on a past-due debt. Creditor files with the court an affidavit stating that the debtor has failed to pay and indicating the statutory grounds under which attachment is sought. The creditor must post a bond to cover at least the court costs, the value of property attached and the value of the loss of use of that property suffered by debtor.
