Chapter 25 Notes

Chapter 25 Notes - Ch. 25 Laws assisting creditors Lien an...

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Ch. 25 Laws assisting creditors Lien – an encumbrance on (claim against) property to satisfy a debt or protect a claim for the payment of a debt o Lien creditor has priority over unperfected secured party but not over perfected secured party Lien obtain after perfection doesn’t have priority. True except for mechanic’s and artisan’s lien o Mechanic’s lien – a statutory lien on the real property of another to ensure payment for work performed and materials furnished in the repair or improvement of real property, such as a building Ex: Painter painting house can sell house for due payment o Artisan’s lien – 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 Ex: Jeweler fixing diamond can sell diamond for due payment o Judicial liens Attachment – a court-ordered seizure and taking into custody of property prior to the securing of a judgment for past-due debt
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Chapter 25 Notes - Ch. 25 Laws assisting creditors Lien an...

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