General Lien
Lien against a borrower's personal assets, as opposed to a claim against real property. The lender may use the lien to seize property in satisfaction of a debt, including assets not specifically covered by the obligation.
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Lien against a borrower's personal assets, as opposed to a claim against real property. The lender may use the lien to seize property in satisfaction of a debt, including assets not specifically covered by the obligation.
A Lien that includes all of the property owned by the debtor, rather than a specific property.
Example: Abel failed to pay 3 months of rent and moved out. Baker, the Landlord obtained a general lien against Abel by going to secure a Judgment against Abel. If Abel doesn't pay the back rent, Baker will apply for a specific lien against Abel's furniture and then have it sold.
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![]() | Banking Dictionary. Dictionary of Banking Terms. Copyright © 2006 by Barron's Educational Series, Inc. All rights reserved. Read more | |
![]() | Real Estate Dictionary. Dictionary of Real Estate Terms. Copyright © 2004 by Barron's Educational Series, Inc. All rights reserved. Read more |
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