Business Law

A possessory lien given to a person who has made improvements and added value to another person's personal property as security for payment for services performed.

(1)In the context of secured transactions, the process by which a security interest in the property of another becomes enforceable.
(2)In the context of judicial liens, a court-ordered seizure and taking into custody of property prior to the securing of a judgment for a past-due debt.

A joing surety. One who assumes liability jointly with another surety for the payment of an obligation.

An agreement formed between a debtor and his or her creditors in which the creditors agree to accept a lesser sum than that owed by the debtor in full satisfaction of the debt.

The failure to observe a promise or discharge an obligation. The term is commonly used to mean the failure to pay a debt when it is due.

A legal process used by a creditor to collect a debt by seizing property of the debtor (such as wages) that is being held by a third party (such as the debtor's employer).

A person who agrees to satisfy the debt of another (the debtor) only after the principal debtor defaults; a ________ liability is thus secondary.

A law permitting a debtor to retain the family home, either in its entirety or up to a specified dollar amount, free from the claims of unsecured creditors or trustees in bankruptcy.

A claim against specific property to satisfy a debt.

A statutory lien on the real property of another, created to ensure payment for work performed and materials furnished in the repair or improvement of real property, such as a building.

A written instrument giving a creditor an interest in (a lien on) the debtor's property as security for a debt.

Under a mortgage agreement, the creditor who takes a security interest in the debtor's property.

Under a mortgage agreement, the debtor who gives the creditor a security interest in the debtor's property in return for a mortgage loan.

The right of a co-surety who pays more than his or her proportionate share on a debtor's default to recover the excess paid from other co-sureties.

The right of a mortgagor who has breached the mortgage agreement to redeem or purchase the property prior to foreclosure proceedings.

the legal right of a person to be restored, repaid, or indemnified for costs, expenses, or losses incurred or expended on behalf of another.

The right of a person to stand in the place of (be substituted for) another, giving the substituted party the same legal rights that the original party had.

A person, such as a cosigner on a note, who agrees to be primarily responsible for the debt of another.

An express contract in which a third party to a debtor-creditor relationship (the surety_ promises to be primarily responsible for the debtor's obligation.

A court's order, prior to a trial to collect a debt, directing the sheriff or other officer to seize nonexempt property of the debtor; if the creditor prevails at trial, the seized property can be sold to satisfy the judgment.

A court's oder, after a judgement has been entered against teh debtor, directing the sheriff to seize (levy) and sell any o the debtor's nonexempt real or personal property. The proceeds of the sale are used to pay off the judgment, accrued interest, and costs of the sale; any surplus is paid to the debtor.