ch29

West's Business Law with Online Research Guide, 9th Edition

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NONJUDICIAL LIENS Mechanic’s Lien: A lien on real property to ensure payment for work performed and materials furnished in the repair or improvement of real property. Artisan’s Lien: A lien on personal property to ensure payment for services performed to repair, improve, or enhance the value of the personal property. Unlike the mechanic’s lien, the artisan’s lien is possessory ( i.e. , the lienholder has possession of the property). Both the mechanic’s lien and the artisan’s lien generally require the lienholder to give notice to the owner of the property before conducting a foreclosure sale to satisfy the lien. Innkeeper’s Lien: A possessory lien on a hotel’s guest luggage, and contents thereof, for unpaid hotel charges. Ch. 29: Other Creditors’ Remedies and Suretyship - No. 1 West’s Business Law (9th ed.)
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JUDICIAL LIENS Judicial Lien: A lien obtained by judicial order in favor of a creditor. Writ of Attachment: A court order to seize and take into custody property of the debtor prior to the issuance of a judgment lien. Writ of Execution: A court order, following the issuance of a judgment lien, to seize and sell property of the debtor. Garnishment: Legal process used by a creditor to seize property of the debtor ( e.g. , wages) being held by a third party ( e.g. , the debtor’s employer). Ch. 29: Other Creditors’ Remedies and Suretyship - No. 2 West’s Business Law (9th ed.)
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COMPOSITION, FORECLOSURE, AND ASSIGNMENT Composition Agreement: An agreement between a debtor and his creditors by which the creditors agree to accept a lesser sum than that owed in full satisfaction of the debt. Foreclosure:
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ch29 - NONJUDICIAL LIENS Mechanics Lien: A lien on real...

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