10.5 Liens

Involuntary lien

A lien imposed against property without consent of an owner (ex: taxes, special assessments, federal income tax liens, etc.).

General Lien

A lien on all the property of a debtor.

Specific Lien

A lien that attaches to one specific property only.

Subordination Agreement

An agreement by the holder of an encumbrance against real property to permit that claim to take an inferior position to other encumbrances against the property.

Voluntary lien

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner.

A lien on all the property of a debtor is referred to as a...?

General lien

The order in which liens are given legal precedence or preference is known as...?

Priority of liens

A lien that attaches to one specific property only is referred to as a...?

Specific lien

Which of the following acronyms describes the various ways a lien can be created...?

VISE

Any lien placed on property with consent of, or as a result of, the voluntary act of the owner is referred to as a/an...?

Voluntary lien

Priority of Lien

The order in which liens are given legal precedence or preference.