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Blanket Lien |
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Blanket Lien A lien on all or nearly all of a debtor's assets. In the event of default, the creditor has the right to take, and, at its discretion, sell off any or all of the assets covered under the blanket lien. Generally speaking, a blanket lien covers multiple assets that are specifically enumerated on the loan agreement, though, occasionally, a creditor can take other assets not listed as well. Some businesses use blanket liens to receive short-term financing. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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During that time period, an example of creative financing was the blanket lien, in which the borrower was purchasing multiple investment properties in the same area and the lender would extend one loan that placed a lien on all the properties. A blanket lien gives the creditor a legal interest in all the debtor's assets and other collateral. Many times the customer does not realize the bank placed a blanket lien on their company covering all assets, including the accounts receivable. |
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