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What is difference between general lien and perfect lien?
The general lien refers to any type of security while a perfect lien refers to a specific type of security.
What does it mean to perfect a security interest?
Perfecting a security interest means that you have taken all the necessary legal steps and filed all the required papers to establish a lien against someone's property. If you borrow money against your house and sign a promissory note, the lender's security interest is perfected when the mortage or deed of trust is recorded.
Do liens on homes by a contractor accrue interest?
A lien is merely a kind of security for a debt. If the contract provides for interest, then the lien, if properly drafted, will cover that. In most states there is a statutory interest rate. If the contract doesn't provide for interest, then interest will accrue at the statutory rate and the lien, if properly drafted, will cover that as well.
What is endangering security interest?
Endangering security interest is a misdemeanor charge dealing with using property as collateral for loans, except the property has a lien against it. Charges generally stem from people trying to hide $500 or more worth of property damage or those that try hinder, transfer or destroy a property's security interest.
How can a lien holder refuse to return property back to buyer?
Generally, if there is a debt involved the lien holder can hold the property until the debt is resolved. It is a security interest over property to guarantee payment.
What is a good definition of a mechanic lien?
A mechanic lien (coming from the French for link) is a legal term relating to property. It creates a security interest in the title deeds of a property for workmen who have supplied materials or labour.
How do you place a lien on a boat?
The easiest way to get a lien on a boat is with the cooperation of the Title Holder, simply by putting the lender's name in the "lienholder" spot on the Certificate of TITLE, or "pink slip." That is one way your boat dealer could get a lien on a boat at the time of purchase, or at any time with the cooperation of the owner, the title can be modified to include a lien holder. Of course, like any lien, if there are already liens existing against the boat, the later lien will not be paid until after the "senior" liens. To get a lien on a boat for services, say a marina puts a lien on your boat for rent owing, the party seeking the lien must file documents with the DMV, since boats are considered "vehicles" for the purposes of the Motor Vehicle Codes. If the owner of the boat has declared it as their primary residence with the local tax assessor, I believe the boat will be exempt from any liens. As far as a lien for services rendered where the boat is not in the possession of the lien seeker, I believe they still go through the DMV. THis process involves the mailing of notices and an opportunity to object to the lien before it is perfected. Of course, without the boat in their possession, they will have real trouble trying to execute their lien.
Who needs lien insurance?
The lien holder would. A lien holder has a financial interest in the property
Can your car be repossessed if the California DMV sent you a pink slip with no lien holder and none are listed on your registration?
IF there is a perfected security interest for a loan that your car is collateral for, YES it can be repoed, in FLORIDA or California. Try UCC-1 filing for perfecting a security interest.
How long does a lien holder have to release an auto lien after payoff in New York?
Under New York law, a lienholder, "shall immediately upon clearance of payment execute a release of his security interest...." (NY Veh. and Traffic Law Section 2121, Release of Security Interest). However, the law does not provide a penalty for failure to comply. There is also no description in the law of what constitutes "immediately".
Can a junior lien be interest only?
no
Does a lien gain interest?
yes
