A statutory lien is a legal claim or right that a person or entity has over someone else’s property as a result of a specific law or statute. This type of lien is typically created to secure payment or performance of a debt or obligation. The lienholder has the right to take possession of the property or sell it to satisfy the debt if the debtor fails to fulfil their obligations. Statutory liens can be found in various areas of law, such as tax liens, mechanic’s liens, and landlord’s liens.
A statutory lien is a legal claim against property that arises by operation of law, rather than by agreement between the parties involved.
There are various types of statutory liens, including mechanic’s liens, tax liens, and judgment liens.
A statutory lien is created by a specific law or statute, while a contractual lien is created by an agreement between parties.
In some cases, a statutory lien can be enforced without going to court, such as through a foreclosure sale for a tax lien. However, in other cases, a court action may be necessary to enforce the lien.
The duration of a statutory lien can vary depending on the type of lien and the specific laws in place. Some liens may expire after a certain period of time if not enforced.
In some cases, a statutory lien can be removed or discharged through payment or settlement of the underlying debt, or through a legal process such as bankruptcy.
The requirements for establishing a statutory lien can vary depending on the type of lien and the specific laws in place. Generally, the lienholder must follow certain procedures and deadlines to properly establish the lien.
In some cases, a statutory lien can be transferred to another party, such as through an assignment or transfer of the underlying debt.
Having a statutory lien on your property can affect your ability to sell or refinance the property, and may result in the loss of the property through foreclosure if the lien is not satisfied.
If you believe a statutory lien has been improperly placed on your property, you may be able to challenge the lien through legal action, such as by filing a lawsuit or petitioning the court for relief.
This site contains general legal information but does not constitute professional legal advice for your particular situation. Persuing this glossary does not create an attorney-client or legal adviser relationship. If you have specific questions, please consult a qualified attorney licensed in your jurisdiction.
This glossary post was last updated: 13th April 2024.
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