COB 218 Study Guide - Final Guide: Life Insurance, Mortgage Loan, Strongarm
Document Summary
Liens can be an important tool for creditors because they. A security interest is an interest in a debtor"s personal. Perfection, which is generally accomplished by filing a. Priority depends on whether the lien was obtained before the. If the lien was obtained first, the lienholder has priority, but. A lien is an encumbrance on (claim against) property to satisfy. Judicial liens may be used by a creditor to collect on a debt. Unless a statute provides otherwise, the holders of mechanic"s. The surpluses, is paid to the former owner. The creditor can place a mechanic"s lien on the property. A mechanic"s lien creates a special type of debtor-creditor. Must have retained possession of the property and have expressly. State law governs the procedures that must be followed to create. The lienholder must file a written notice of lien within a. A person who has contracted for labor, services, or materials to.
