Chapter 16 – Purchaser’s and Vendors Lien Slide 22 Pg. 399
Only applies to Real Property
- Lien is a form of security interest in the same way a mortgage is
- In both cases, the vendor and purchaser can get the lien
- Purchaser has lien when he pays a deposit on the purchase of land and the
vendor has obliged to go through with the deal but refuses to repay the deposit.
Therefore he has a lien on the land if the vendor does not want to sell the land.
- Lien guarantees the return of the deposit