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  • 26 terms




    A lien is an encumbrance on ( claim against) property to satisfy a debt or protect a claim for the payment of a debt. Liens may arise under the common law ( usu-ally by possession of the property) or under statutory law. Statutory liens include mechanic’s liens, whereas artisan’s liens were recognized at common law. Judicial liens may be used by a creditor to collect on a debt before or after a judgment is entered by a court.

    • Creditors’ Rights and Remedies Chapter 29
    • 26 terms
    • Vocabulary for Creditors’ Rights and Remedies Chapter 29. Find, create, and access Business Law, Debt, The Bible, Debtor flashcards with Course Hero.
  • 17 terms


    Secured party


    A secured party is any creditor who has a security interest in the debtor’s collateral. This creditor can be a seller, a lender, a cosigner, or even a buyer of accounts or chattel paper.

    • Secured Transactions - Chapter 30
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    • Vocabulary for Secured Transactions - Chapter 30. Find, create, and access Business Law, Debt, Debtor, Uniform Commercial Code flashcards with Course Hero.

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