Monday, 1 April 2013

Blacks law word of the day (2nd ed.): Lien

Lien: A qualified right of property which a creditor has in or over specific property of his debtor, as security for the debt or charge or for performance of some act.
In every case in which property, either real or personal, is charged with payment of a debt or duty, every such charge may be denominated a lien on the property.
A lien is a charge imposed upon specific property by which it is made securty for the performance of an act.

In a narrow and technical sense, the term "lien" signifies the right by which a person in possession of a personal property holds and detains it against the owner in satisfaction of a demand; but it has a more extensive meaning and in common acceptation is understood and used to denote a legal claim or charge on property, either real or personal, for the payment of any debt or duty; every such claim or charge remaining on a lien on the property, although not in the possession of the person to whom the debt or duty is due.

** In the scotch law, the doctrine of lien is known by the name of "retention," and that of set-off by the name of "compensation." The ROMAN OR CIVIL LAW embraces under the head of "MORTGAGE and PRIVILEGE", the peculiar securities which, in the common and maritime law and equity, are termed "liens.".

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