assignment 11.docx - Assignment 11 1 A Mechanics lien liens...

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Assignment 11 1. A. Mechanic’s lien : liens placed on real property for services rendered on said property Lien: right to keep possession of property until debts are paid attachment: an interest in the security/collateral “attaches” when the debtor signs a security agreement B. Chapter 35 states the creditor must go through the judicial process in order for the creditor to take possession of collateral. The chapter doesn’t state at which point the judicial process must be utilized to validate the lien, in this case a Mechanic’s lien. My assumption is that the court must be involved with the filing of the lien for the attachment to be valid and upheld in the court. C. I believe this law to be just. Debtors should be held accountable to creditors, otherwise the creditors suffer for the poor decisions of the debtors. 2. A. Purchase-Money Security Interest (PMSI): a security interest which is perfected without filing the financial statement. PMSI happens when a seller gives credit to the customer for purchase of personal
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