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Blanket Lien |
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Blanket Lien A lien covering nearly all types of assets and collateral owned by a debtor. Notes: A lien usually only gives the creditor the right to a specific asset. A blanket lien gives the creditor a legal interest in all the debtor's assets and other collateral. Defaulting on a debt in this situation can result in "losing your shirt". |
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? Mentioned in | ? References in periodicals archive | |
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Co-owners must share in any debt secured by a blanket lien in proportion to their undivided interests. Upon sale of the property, debt secured by a blanket lien must be satisfied and then the proceeds must be distributed to the co-owners (i. The largest secured creditor, Los Angeles-based Coast Business Credit, has a blanket lien on all the assets that is worth about $3 million. |
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