SPECIAL LIEN Meaning and
Definition
-
A special lien is a type of legal encumbrance or claim that gives a particular creditor the right to seize or claim a specific property or asset in order to satisfy a debt or obligation owed to them. This type of lien is considered "special" because it is attached to a specific item or asset, rather than to a person or entity as a whole.
Generally, a special lien is created when a debtor pledges or offers a particular property as collateral to secure a debt. In the event that the debtor fails to repay the debt or fulfill their obligation, the creditor with the special lien has the legal right to foreclose or seize the pledged asset, and potentially sell it in order to recover the amount owing to them.
Special liens often arise in situations involving secured loans, mortgages, or other forms of credit where the lender holds a security interest in a specific item such as a house, car, or other valuable goods. By creating a special lien on the pledged asset, the creditor ensures that they have a legal claim over that particular property in case of default.
It is important to note that a special lien only provides the creditor with a security interest in the pledged asset, and does not necessarily guarantee full repayment of the debt. The creditor may need to follow specific legal procedures and requirements to enforce their rights and recover the owed amount.
Common Misspellings for SPECIAL LIEN
- apecial lien
- zpecial lien
- xpecial lien
- dpecial lien
- epecial lien
- wpecial lien
- soecial lien
- slecial lien
- s-ecial lien
- s0ecial lien
- spwcial lien
- spscial lien
- spdcial lien
- sprcial lien
- sp4cial lien
- sp3cial lien
- spexial lien
- spevial lien
- spefial lien
- spedial lien
Etymology of SPECIAL LIEN
The word "special lien" is derived from the combination of two terms, "special" and "lien", each with its own etymology.
1. Special: The word "special" ultimately originates from the Latin word "specialis", meaning "particular" or "individual". It entered the English language via Old French in the 13th century, retaining its meaning of something extraordinary, distinct, or specific.
2. Lien: The term "lien" comes from the Old French word "liien" or "lien", which means "bond" or "tie". It can be traced back to the Latin word "ligamen", meaning "band" or "binding". In legal terminology, a lien refers to a legal claim or right over a property, which serves as security for a debt or obligation.
Infographic
Add the infographic to your website:
