general lien

Thân thiện

A bank holds a general lien on the debtor's assets.

Definition

1. Noun:
   • A security interest on all property owned by a debtor: A "general lien" is a legal right or claim that a creditor has over all of a debtor's property, assets, or goods to secure payment of a debt or performance of an obligation. It is not limited to the specific property involved in the transaction that created the debt.

Usage

• A "general lien" is a specific legal term used in contexts like finance, law, and commerce. It is typically held by certain types of creditors, such as attorneys, bankers, or factors, based on common law or statutory provisions.
• It contrasts with a "particular lien" or "specific lien," which is a claim only on the specific property related to the debt.

Examples

• Noun:
  • The bank's contract included a clause granting it a general lien on all assets of the company.
  • Under the warehouse operator's terms, they asserted a general lien on all goods stored by the client for unpaid storage fees.

Advanced Usage

• "to have/hold a general lien": To possess the legal right of a general lien.
  • The solicitor has a general lien over the client's papers until his fees are paid.
• "to exercise/enforce a general lien": To act upon or implement the right conferred by a general lien.
  • The creditor threatened to exercise its general lien by seizing the debtor's business equipment.

Variants and Related Words

• Lien (n): The broader category of a legal right or claim against property.
• Particular lien / Specific lien (n): A lien on a specific piece of property that is related to the debt.
• Debtor (n): The party who owes the debt.
• Creditor (n): The party to whom the debt is owed.

Synonyms

• Blanket lien: A similar term often used interchangeably, especially in finance, indicating a lien covering all assets.
• Universal lien: A less common synonym emphasizing the comprehensive nature of the claim.

Related Phrases

• Lien on property: A claim against property.
• Security interest: A broader legal term for a right in property to secure payment.

Notes

• The concept and applicability of a "general lien" can vary significantly between different legal jurisdictions. It is often created by agreement, trade custom, or specific statutes.
• It is a powerful tool for creditors as it provides security over a wider pool of assets than a specific lien.

Học thuật

Noun

1. a lien on all the property owned by a debtor and not just a specific property