statutory lien

statutory lien

A charge or claim upon property that arises by virtue of specific statutes that address the relationship between the property owner and the party given the ability to place the lien.A mechanics'and materialmen's lien is a statutory lien;a mortgage is a voluntary lien;and a lease giving the landlord rights in property located in the leased premises is a contractual lien. In bankruptcy,statutory liens are not enforceable but contractual and voluntary liens are.As a result,even if state statutes grant a landlord's lien,for example,the better practice is to also include those rights in the lease itself.
References in periodicals archive ?
After the court costs, attorneys' fees, and statutory lien payments are taken out of the settlement/jury verdict, there is not much left for the seriously injured plaintiff to pay for future medical costs.
The time period begins to run on the assessment date, commonly called the statutory lien date.
Accordingly, the lienholders in this case were not seeking to collect a debt, but seeking to enforce a statutory lien, a lien that only applied to the common fund.
15 of Virginia's Rules of Professional Conduct as placing a legal obligation on an attorney to not deliver disputed settlement funds to a client when a third party has a valid statutory lien, contract, or court order that grants an interest in the funds.
Lack of priority of the lien of the insured mortgage over any statutory lien.
Thus, the wife retained all proprietary rights in her claim, subject to a statutory lien held by the attorneys on any proceeds derived from that claim.
The senior bonds are secured by a statutory lien on bridge toll revenues, subject to category B operation, and maintenance expenditures associated with toll collection and bridge lighting.
While the lien law says that a lien release may not be required other than in the statutory form, the prudent payor will want a release of all claims for payment in one document, or if the lienor insists that only the statutory form lien release can be required to be given (for lien rights), then the payor will want a statutory lien release properly filled out and a release of contract and other claims in another form.
ChipMOS Taiwan has also given Spansion notice that pursuant to Article 928 and Article 929 of the Taiwanese Civil Code it has obtained a statutory lien on the Spansion's inventory and related equipment and materials currently in ChipMOS Taiwan's possession.
A mechanics' lien claim is a claim secured by a statutory lien against real property on which the claimant has provided labor, services, equipment or materials.
The senior bonds are secured by a statutory lien on bridge toll revenues, subject to category B operation and maintenance expenditures associated with toll collection and bridge lighting.
In the event of a subsequent bankruptcy, bond counsel has opined that the intercept would not be terminated by the bankruptcy to the extent that the intercept is a statutory lien.

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