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ARTICLES IN THE BOOK

  1. Account
  2. Accountancy
  3. Accountant
  4. Accounting cycle
  5. Accounting equation
  6. Accounting methods
  7. Accounting reform
  8. Accounting software
  9. Accounts payable
  10. Accounts receivable
  11. Accrual
  12. Adjusted basis
  13. Adjusting entries
  14. Advertising
  15. Amortization
  16. Amortization schedule
  17. Annual report
  18. Appreciation
  19. Asset
  20. Assets turnover
  21. Audit
  22. Auditor's report
  23. Bad debt
  24. Balance
  25. Balance Sheet
  26. Banking
  27. Bank reconciliation
  28. Bankruptcy
  29. Big 4 accountancy firm
  30. Bond
  31. Bookkeeping
  32. Book value
  33. British qualified accountants
  34. Business
  35. Business process overhead
  36. Capital asset
  37. Capital goods
  38. Capital structure
  39. Cash
  40. Cash flow
  41. Cash flow statement
  42. Certified Management Accountant
  43. Certified Public Accountant
  44. Chartered Accountant
  45. Chartered Cost Accountant
  46. Chart of accounts
  47. Common stock
  48. Comprehensive income
  49. Consolidation
  50. Construction in Progress
  51. Corporation
  52. Cost
  53. Cost accounting
  54. Cost of goods sold
  55. Creative accounting
  56. Credit
  57. Creditor
  58. Creditworthiness
  59. Current assets
  60. Current liabilities
  61. Debentures
  62. Debits and Credits
  63. Debt
  64. Debtor
  65. Default
  66. Deferral
  67. Deferred tax
  68. Deficit
  69. Deloitte Touche Tohmatsu
  70. Depreciation
  71. Direct tax
  72. Dividend
  73. Double-entry bookkeeping system
  74. Earnings before interest and taxes
  75. Earnings Before Interest, Taxes and Depreciation
  76. Earnings before Interest, Taxes, Depreciation and Amortization
  77. Engagement Letter
  78. Equity
  79. Ernst a& Young
  80. Expense
  81. Fair market value
  82. FIFO and LIFO accounting
  83. Finance
  84. Financial accounting
  85. Financial audit
  86. Financial statements
  87. Financial transaction
  88. Fiscal year
  89. Fixed assets
  90. Fixed assets management
  91. Fixed Assets Register
  92. Forensic accounting
  93. Freight expense
  94. Fund Accounting
  95. Furniture
  96. General journal
  97. General ledger
  98. Generally Accepted Accounting Principles
  99. Going concern
  100. Goodwill
  101. Governmental accounting
  102. Gross income
  103. Gross margin
  104. Gross profit
  105. Gross sales
  106. Historical cost
  107. Hollywood accounting
  108. Imprest system
  109. Income
  110. Income tax
  111. Indirect tax
  112. Insurance
  113. Intangible asset
  114. Interest
  115. Internal Revenue Code
  116. International Accounting Standards
  117. Inventory
  118. Investment
  119. Invoice
  120. Itemized deduction
  121. KPMG
  122. Ledger
  123. Lender
  124. Leveraged buyout
  125. Liability
  126. Licence
  127. Lien
  128. Liquid asset
  129. Long-term assets
  130. Long-term liabilities
  131. Management accounting
  132. Matching principle
  133. Mortgage
  134. Net Income
  135. Net profit
  136. Notes to the Financial Statements
  137. Office equipment
  138. Operating cash flow
  139. Operating expense
  140. Operating expenses
  141. Ownership equity
  142. Patent
  143. Payroll
  144. Pay stub
  145. Petty cash
  146. Preferred stock
  147. PricewaterhouseCoopers
  148. Profit
  149. Profit and loss account
  150. Pro forma
  151. Purchase ledger
  152. Reserve
  153. Retained earnings
  154. Revaluation of fixed assets
  155. Revenue
  156. Revenue recognition
  157. Royalties
  158. Salary
  159. Sales ledger
  160. Sales tax
  161. Salvage value
  162. Shareholder
  163. Shareholder's equity
  164. Single-entry accounting system
  165. Spreadsheet
  166. Stakeholder
  167. Standard accounting practice
  168. Statement of retained earnings
  169. Stock
  170. Stockholders' deficit
  171. Stock option
  172. Stock split
  173. Sunk cost
  174. Suspense account
  175. Tax bracket
  176. Taxes
  177. Tax expense
  178. Throughput accounting
  179. Trade credit
  180. Treasury stock
  181. Trial balance
  182. UK generally accepted accounting principles
  183. United States
  184. Value added tax
  185. Value Based Accounting Standards and Principles
  186. Write-off
 



ACCOUNTING
This article is from:
http://en.wikipedia.org/wiki/Lien

All text is available under the terms of the GNU Free Documentation License: http://en.wikipedia.org/wiki/Wikipedia:Text_of_the_GNU_Free_Documentation_License 

Lien

From Wikipedia, the free encyclopedia

 
For other uses, see Lien (disambiguation).

In law, a lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienor and the person who has the benefit of the lien is referred to as the lienee.

In the United States, the term lien generally refers to a wide range of encumbrances and would include other forms of mortgage or charge. In the U.S., a lien characteristically refers to non-possessory security interests (see generally: Security interest - categories).

In other common law countries, the term lien refers to a very specific type of security interest, being a passive right to retain (but not sell) property until the debt or other obligation is discharged. In contrast to the usage of the term in the U.S., in other countries it refers to a purely possessory form of security interest; indeed, when possession of the property is lost, the lien is released.[1] However, common law countries also recognise a slightly anomalous form of security interest called an "equitable lien" which arises in certain rare instances.

Another distinction between the U.S. and other common law countries is in the pronunciation. In the U.S. the word is usually pronounced "leen", whereas in other countries is more normally enunciated as "lee-yen".

Despite their differences in terminology and application, there are a number of similarities between liens in the U.S. and elsewhere in the common law world.

United States

Liens can be consensual or non-consensual. Consensual liens are imposed by a contract between the creditor and the debtor. These liens include:

  • mortgages;
  • car loans;
  • security interests;
  • chattel mortgages;
  • Property Improvements (Mechanics lien)

Non-consensual liens typically arise by statute or by the operation of the common law. These laws give a creditor the right to impose a lien on an item of real property or a chattel by the existence of the relationship of creditor and debtor. These liens include:

  • tax liens, imposed to secure payment of a tax;
  • "weed liens" and "demolition liens", assessed by the government to rectify a property from being a nuisance and public hazard;
  • attorney's liens, against funds and documents to secure payment of fees;
  • mechanic's liens, which secure payment for work done on property or land;
  • judgment liens, imposed to secure payment of a judgment
  • maritime liens, imposed on ships by admiralty law.

Liens are also "perfected" or "unperfected" (see perfection). Perfected liens are those liens for which a creditor has established a priority right in the encumbered property with respect to third party creditors. Perfection is generally accomplished by taking steps required by law to give third party creditors notice of the lien. The fact that an item of property is in the hands of the creditor usually constitutes perfection. Where the property remains in the hands of the debtor, some further step must be taken, like recording a notice of the security interest with the appropriate office.

Perfecting a lien is an important part of the task of protecting the secured creditor's interest in the property. A perfected lien is valid against bona fide purchasers of property, and even against a trustee in bankruptcy; an unperfected lien may not be.

Equitable lien (U.S.)

In the United States, references to an "equitable lien" is a right, enforceable only in equity, to have a demand satisfied out of a particular fund or specific property without having possession of the fund or property. In U.S. law, such liens characteristically arise in four circumstances:[2]

  1. when an occupant of land, believing in good faith to be the owner of the land, makes improvements, repairs or other expenditure that permanently increases the land's value;
  2. when one of two or more joint owners makes expenditures of the kind described above;
  3. when a tenant for life completes permanent and beneficial improvements to the estate begun earlier by the testator; and
  4. when land or other property is transferred subject to the payment of debts, legacies, portions or annuities to third persons.

Other common law countries

Outside of the U.S., a common law lien may be defined in general terms as a passive right to retain a chattel (and, in certain cases, documentary intangibles and papers) conferred by law. Modern law has generally left the legal lien to cases where it has been historically established without any real effort being made to make it applicable to modern conditions. In Tappenden v Artus [1964] 2 QB 185 Diplock LJ referred to a lien as a "self help" remedy, like "other primitive remedies such as abatement of nuisance, self-defence or ejection of trespassers to land". Equitable liens are an unusual species of property right, usually considered sui generis.

Common law lien

Common law liens are divided into special liens and general liens. A special lien, the more common kind, requires a close connection between the property and the service rendered. A special lien can only be exercised in respect of fees relating to the instant transaction; the lienee cannot use the property held as security for past debts as well. A general lien affects all of the property of the lienor in the possession of the lienee, and stands as security of all of the debts of the lienor to the lienee. A special lien can be extended to a general lien by contract, and this is commonly done in the case of carriers.[3] A common law lien only gives a passive right to retain; there is no power of sale which arises at common law,[4] although some statutes have also conferred an additional power of sale,[5] and it is possible to confer a separate power of sale by contract.

The common law liens are closely aligned to the so-called "common callings", but are not co-extensive with them.

A common law lien is a very limited type of security interest. Apart from the fact that it only amounts to a passive right to retain, a lien cannot be transferred;[6] it cannot be asserted by a third party to whom possession of the goods is given to perform the same services that the original party should have performed;[7]; and if the chattel is surrendered to the lienor, the lien entitlement is lost forever[8] (except for where the parties agree that the lien shall survive a temporary re-possession by the lienor). A lienee who sells the chattel unlawfully may be liable in conversion as well as surrendering the lien.[9]

Equitable lien

In common law countries, equitable liens give rise to unique and difficult issues. An equitable lien is a non-possessory security right conferred by operation of law, which is similar in effect to an equitable charge. It differs from a charge in that it is non-consensual. It is conferred only in very limited circumstances, the most common (and least ambiguous) of which is in relation to the sale of land; an unpaid vendor has an equitable lien over the land for the purchase price, notwithstanding that the purchaser has gone into occupation of the property. It is seen as a counterweight to the equitable rule which confers a beneficial interest in the land on the purchaser once contracts are exchanged for purchase.

It is a matter of conjecture how for equitable liens extend outside of the unpaid vendor's lien. Equitable liens have been held to exist in a number of cases involving choses in action, but not yet in relation to chattels.[10] The Australian courts have been the most receptive towards equitable liens in relation to personal property (see Hewett v Court (1983) 57 ALJR 211, but a review of the cases still leaves a lack of clarity in relation to the principles upon which an equitable lien will be imposed.

  • In Re Stucley [1906] 1 Ch 67 a vendor of a reversionary interest in a trust fund, who sold the interest to the trustee, was held to have an equitable lien in the subject matter, although it was clearly personalty and not realty.
  • In Barker v Cox (1876) 4 Ch D 464 the purchaser of property which was included in a matrimonial settlement paid the price in advance to one of the trustees, and the purchaser was held to have an equitable lien in investments which the trustees subsequently acquired with the purchase price.
  • In Langen and Wing v Bell [1972] Ch 685 a director's service agreement required him to assign his shares in the company if he was terminated, and he was to receive a price calculated at a later date when the annual accounts were available; he was held to have an equitable lien over the transferred shares to secure the payment of the eventual purchase price.
  • In Lord Napier & Etterick v Hunter [1993] 2 WLR 42 it was held that an indemnity insurer's subrogation rights in relation to funds improperly paid directly to the insured were subject to an equitable lien.

But overall, there is still perceived to be a lack of central nexus.[11]

Statutory liens and contractual liens

Although arguably not liens as such, two other forms of encumbrance are sometimes referred to as liens.

Statutory liens

Certain statutes provide for a passive right to retain property against its owner as security for obligations. For example, section 88 of the Civil Aviation Act 1982 of the United Kingdom permits an airport to detain aircraft for unpaid airport charges and aviation fuel. Although this right has been treated as a lien under UK insolvency law,[12] it has been argued that such statutory rights are not in fact liens, but rights analogous to liens,[13] although some might say that this is a distinction without a difference.

Contractual liens

It has also been argued that an agreement by contract that one party may retain the goods of another party until paid is not a lien,[14] as under the common law, liens could only be non-consensual. However, it appears that under insolvency law, such rights will be treated as liens even if they are not expressed to be liens.[15]

Maritime liens

A maritime lien is a lien on a vessel, given to secured the claim of a creditor who provided maritime services to the vessel or who suffered an injury from the vessel's use. Maritime lien's are sometimes referred to as tacit hypothecation. Maritime liens have little in common with other liens under the laws of most jurisdictions.

The maritime lien has been described as "one of the most striking peculiarities of Admiralty law".[16] A maritime lien constitutes a security interest upon ships of a nature otherwise unknown to the common law or equity. It arises purely by operation of law and exists as a claim upon the property concerned, both secret and invisible, often given priority by statute over other forms of registered security interest.[17] Although characteristics vary under the laws of different countries, it can be described as: (1) a privileged claim, (2) upon maritime property, (3) for service to it or damage done by it, (4) accruing from the moment that the claim attaches, (5) travelling with the property unconditionally, (6) enforced by an action in rem.[18]

Nomenclature

Throughout the world, there are a large number of different types and sub-divisions of liens. Not all of the following liens exist in all legal systems that recognise the concept of a lien. The following are descriptions that are not necessarily mutually exclusive. Types of lien include:

  • accountant's lien - the right of an accountant to retain a client's papers until the accountant's fees have been paid.
  • agent's lien
  • agister's lien - the lien of an agister over animal's in the agister's care as security for fees.
  • agricultural lien (United States) - a statutory lien the protects the seller of farming equipment by giving the seller a lien on crops grown with the equipment.
  • architect's lien - the right of an architect to retain a client's papers until the architect's fees have been paid.
  • attachment lien - a lien on property seized by pre-judgment attachment.
  • attorney's lien - the right of an attorney to retain a client's papers until the attorney's fees have been paid (also referred to as a charging lien, solicitor's line or a retaining lien in some jurisdictions.
  • banker's lien - the right of a bank to satisfy a customer's matured debt by seizing the customer's money or property within the bank's possession.
  • blanket lien - a lien that gives the lienee the entitlement to take possession of any or all of the lienor's real property to cover a delinquent loan.
  • carrier's lien - a carrier's right to retain possession of cargo until the owner of the cargo pays shipping costs.
  • choate lien (United States) - a lien in which the lienee, the property, and the monetary amount are established so that the lien is perfected and nothing else needs to be done to make the lien enforceable.
  • common-law lien - a lien arising under the common law, rather than by statute, equity or agreement between the parties.
  • concurrent lien - means one of two or more liens over the same property.
  • consummate lien (United States) - a judgment lien arising after the denial of motion for a new trial.
  • conventional lien (United States) - a lien that is created by agreement between the parties, in circumstances where the law would not otherwise create a lien.
  • deferred lien (United States) - a lien that only take effect from a future date.
  • demurrage lien - a carrier's lien on goods for any unpaid demurrage charges.
  • dragnet lien (United States) - a lien that is enlarged to cover any additional credit extended to the debtor to the same creditor.
  • equitable lien - see above.
  • execution lien - a lien on property seized by levy of execution.
  • factor's lien - a lien, usually statutory, on property held on consignment by a factor.
  • first lien - a lien that takes priority over all other encumbrances over the same property.
  • floating lien (United States) - a lien that is expanded to cover any additional property that is acquired by the lienor while the debt is outstanding (in common law countries, see Floating charge).
  • garnishment lien - a lien on the debtor's property held by a garnishee.
  • general lien - a possessory lien by which the lien holder may retain any of the debtor's goods in the lien holder's possession until any debt due from the debtor, whether in connection with the retained goods or otherwise, has been paid. Factors, insurance brokers, packers, stockbrokers and banker's liens are all usually general liens.
  • healthcare lien (United States) - a statutory lien asserted by an HMO, insurer, medical group or independent practice association against those liable to the patient in damages, to recover money paid or claim money payable for healthcare services provided (sometimes called a healthcare lien).
  • hospital lien (United States) - a statutory lien asserted by a hospital to recover the costs of emergency and other ongoing medical and other services.
  • hotelkeeper's lien - a possessory or statutory lien allowing an innkeeper to hold, as security for payment, personal property that a guest has brought into the hotel (also referred to as an innkeeper's lien).
  • inchoate lien - a lien that may be defeated if the relevant judgment is vacated or a motion for a new trial is granted.
  • involuntary lien - a lien arising without the lienor's consent.
  • judgment lien - a lien imposed on a judgment debtor's non-exempt property.
  • judicial lien - a lien obtained by judgment, levy, sequestration or other legal or equitable process or proceeding.
  • junior lien - a lien that is junior or subordinate to another lien on the same property.
  • landlord's lien - a lien which empowered a landlord to seize a tenant's property and sell it to satisfy overdue rent.
  • manufacturer's lien - a statutory lien that secures payment for labour or materials expended in producing goods for another.
  • maritime lien - see above.
  • mechanic's lien - (also sometimes referred to as an artisan's lien, chattel lien, construction lien, labourer's lien, in various jurisdictions).
  • mortgage lien - a lien on the mortgagor's property securing the mortgage.
  • municipal lien (United States) - a lien by a municipal corporation against a property owner for the owner's proportional share of a public improvement that specifically and individually benefits the owner.
  • possessory lien - a lien allowing the creditor to keep possession of the encumbered property until the debt is satisfied.
  • second lien - a lien that is next in rank after a first lien on the same property.
  • secret lien - a lien not appearing of record and unknown to the purchasers; a lien reserved by the vendor and kept hidden from third parties to secure the payment of goods after delivery.
  • special lien - a possessory lien by which the possessor of goods has the right to retain specific goods until a debt incurrent in connection with the goods has been paid (also referred to as a particular lien). The opposite of a general lien.
  • statutory lien - a lien arising solely by force of statute.
  • tax lien - a lien on property and all rights to property imposed by the taxing authority for unpaid taxes.
  • vendee's lien - a buyer's lien on the purchased land as security for repayment of purchase money paid in, enforceable if the seller cannot or does not convey good title.
  • vendor's lien - a seller's lien on land as security for the purchase price (sometimes called an unpaid vendor's lien).
  • voluntary lien - a lien created with the lienor's consent.
  • warehouser's lien - a lien for storage charges for goods stored with a bailee (sometimes called a warehouseman's lien).
  • workers' compensation lien - a statutory lien, asserted by a healthcare provider, to recover the cost of emergency and ongoing medical work, usually asserted against any workers' compensation benefits paid to a patient.

See also

  • Mechanic's lien
  • Security interest - lien
  • Tax lien

Footnotes

  1. ^ Hatton v Car Maintenance [1915] 1 Ch 621
  2. ^ Black's Law Dictionary (8th ed.)
  3. ^ George Baker Ltd v Eynon [1974] 1 WLR 462
  4. ^ Thames Iron Works v Patent Derrick (1860) 1 J&H 93
  5. ^ In the United Kingdom, see for example, Innkeepers Act 1878
  6. ^ Legg v Evans (1840) 6 M&W 36
  7. ^ Pennington v Reliance Motors Ltd [1923] 1 KB 127
  8. ^ Hatton v Car Maintenance [1915] 1 Ch 621
  9. ^ Mulliner v Florence (1878) 3 QBD 484
  10. ^ Transport and General Credit v Morgan [1939] 2 All ER 17
  11. ^ See Phillips J, "Equitable Liens - A search for a unifying principle" in Palmer & McKendrick, Interests in Goods (2nd ed.)
  12. ^ Bristol Airport v Powdrill [1990] Ch 744
  13. ^ Michael Bridge, Personal Property Law (2nd ed.)
  14. ^ Michael Bridge, Personal Property Law (2nd ed.)
  15. ^ Bristol Airport v Powdrill [1990] Ch 744
  16. ^ Griffith Price, The Law of Maritime Liens (1940)
  17. ^ Bankers Trust v Todd Shipyards, The Halcyon Isle [1981] AC 221
  18. ^ Griffith Price, The Law of Maritime Liens (1940)
Retrieved from "http://en.wikipedia.org/wiki/Lien"

  

 

 


 

 
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