FIN 240 Chapter Notes - Chapter 29: Judgment Debtor, Affidavit, Garnishment
Document Summary
Lien - an encumbrance on property to satisfy a debt or project a claim for the payment of a debt. May arise under the common law or under statutory law. Mechanic"s lines - statutory lien on the real property of another, created to ensure payment for work performed and materials furnished in the repair or improvement of real property, such as a building. Foreclosure - process by which a creditor legal takes a debtor"s property to satisfy a debt. Artisan"s liens - possessory lien given to a person who has made improvements and added value to another person"s personal property as security for payment for services performed. The lien remains in existence as long as the lienholder maintains possession, and the lien is terminated once possession is voluntarily surrendered, unless the surrender is only temporary. Judicial liens - used by a creditor to collect on a debt before or after a judgement is entered by a court.
