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F - Chapter 15
Liens Against Title
| Question | Answer |
|---|---|
| attachment | 1. The process by which a secured party acquires a security interest in collateral 2. The act of seizing a defendant's property by legal process to be held by a court to ensure satisfaction of a judgment that might be awarded (334) |
| judgment lien | alien attached to real property of a defendant when a plaintiff wins a judgment in the jurisdiction in which the property is located (331) |
| lien | a claim against another's property securing either payment of a debt or fulfillment of some other monetary charge or obligation (323) |
| lis pendens | a notice filed for the purpose of warning people that legal action has been taken that might affect title or possession of specified real property (333) |
| mechanic's lien | the right of one who renders services or supplies materials in connection with improvements to real property to seek a judicial sale of the realty to satisfy unpaid claims (324) |
| perfection of lien | legal steps necessary to establish a valid mechanic's lien; acts by which a secured party establishes priority in collateral over claims of third parties (328) |
| tax lien | a lien imposed against real property for payment of taxes (337) |
| vendor's lien | the right of a seller to a lien against land conveyed for any unpaid or unsecured portion of the purchase price (335) |
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