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 ?
The requirement of having due process rights expire under the statutory lien and levy provisions is an important component to the certification statute as it requires that due process protections under lien or levy provisions be expended first before passport revocations can occur.
Tom Wadley, director of code enforcement in North Little Rock, said attaching the debt via statutory lien to a property tax bill provides leverage for the city to recoup its costs through the county collector.
This growth in lending to and by the FHLBanks during the phase-in of money market reform has been attributed in part to the FHLBanks' statutory lien on collateral pledged to them by their borrowers, which some have referred to as a "super lien" due to its unique statutory protections.
The Rhode Island State General Assembly enacted amendments to Section 45-12-1 of the General Laws to provide GO bondholders with priority over creditors in the event of a bankruptcy of the issuer by attaching a statutory lien on ad valorem taxes and general fund revenues of cities and towns.
The final rule also adds new reporting waivers for smaller plans and for plans that must file solely because of either a statutory lien that resulted from missed contributions of more than $1 million or outstanding minimum funding waivers that exceed that amount; both exemptions are permissible provided those situations were previously reported to the PBGC.
The time period begins to run on the assessment date, commonly called the statutory lien date.
The trustee may avoid the fixing of a statutory lien on property of the debtor to the extent that such lien (2) is not perfected or enforceable at the time of the commencement of the case against a bona fide purchaser that purchases such property at the time of the commencement of the case, whether or not such a purchaser exists, except in any case in which a purchaser is a purchaser described in section 6323 of the Internal Revenue Code of 1986, or in any other similar provision of State or local law.
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.
The bonds are secured by a statutory lien and pledge on the trust estate, comprising income tax revenues generated in the district and received by the collection agent, trustee, or district in any fiscal year.
Read narrowly, this opinion interprets Rule 1.15 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.

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