general lien

(redirected from General Liens)
Also found in: Dictionary, Thesaurus.

General lien

An attachment that gives the lender the right to seize the personal property of a borrower who has not fulfilled the obligations of the loan, but prevents the lender from seizing real property.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

General Lien

In a loan or liability, a lien against all personal property, and not simply on the property that the loan was used to buy. A general lien applies only to personal property; that is, real estate cannot be seized. Tax liens imposed by the IRS are general liens.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved

general lien

A lien that attaches to all property of a debtor located within the area where the lien was recorded.Judgments and IRS liens are general liens,which may be satisfied from the sale of any property found.Contrast with specific lien,which is upon specifically described property only.
The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.
Full browser ?