Importance of Lien
In simple words, a lien could be defined as a process when a person who has to recover some money from a person, keeps the possession of the property of that person under control until the debt is not recovered. It could not be termed as an agreement that is formed between the parties involved but could rather be stated as the law which allows the person to keep the property under possession until the debt is not recovered. We at the national lien and bond claim system would be happy to help in cases of lien in Florida.
Also read for A Primer on Stop Notice and Payment Bond Claim
Let us try to understand more points that prove the importance of lien:
It Protects the Buyer
Protecting the rights of the lenders and the people who have worked on the property is what lien does very efficiently. Also, it is always recommended to check on the assets when you are buying one because a lien on a property might get transferred to your name, making you the person liable for not paying a particular debt.
It allows the seller or an agent to recover the amount
Lien on an asset would act as ultimate security which would allow the lender to be calm until the debt is not paid. This is because the lender will have the liberty to sell the asset if in case the amount is not paid in the specific time mentioned.
Importance of lien when buying a business
It is very important for a person who is planning to buy a business need to assure first hand that the business is not indebted by any kind of lien and is safe from any kind of such situation.
Recovering the necessary and extra orbit expenses
The lien also plays a very vital role one it comes to the recovery of extra orbit expenses. We at the national lien and bond claim system understand the importance of all the above points and would be happy to elaborate on them with a deep explanation if someone is in such a situation and need some help.
Types of lien
The court of law broadly recognizes 2 types of lien in particular, which are-
Particular lien
General lien
Particular lien
In the particular lien, till the time the charges due on a property are not paid, the lender will have the full rights to retain the possession of goods. This lien also involves some important factor which includes the exercise of labor and skill. This right is totally on the fact that If there is a legit case of improvement and condition. The second point is the accordance of contract. Both the skill and labor are required to be exercised as stated in the contract. The third is goods on which labor or skill is bestowed. This point states that the goods will only be eligible for retention if they have faced the actual trouble.
General lien
It could be defined as a right to the lender where he could possess the sum of payment that is owed and is not related to the property.
We at national lien and bond claim systems can help in making one understand the scenarios of lien public funds. We have a great experience of handling cases related to the lien in Texas and would be glad to help out the person in need.
Also read for Your Guide to the Miller Act Vs. The Little Miller Act
Original Source: https://bit.ly/3rvxdY7
Comments