What means Lienable?
What means Lienable?
Legal Definition of lienable : capable of being subjected to or made the subject of a lien.
What is a builder’s lien?
A builder’s lien is a simple way for a contractor to protect himself when dealing with non-paying clients. The Builders Lien Act automatically creates a lien when a contractor works on a property. However, that lien is automatically lost after a short period of time, often only 45 days after the last day of work.
What are priority payables?
‘Priority payables’ are usually deducted from the borrowing base. These are amounts secured by statutory liens that are capable of ranking ahead of the lender’s liens, including employee deductions, certain taxes, wages and vacation pay.
What is a lien claim?
A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. If the underlying obligation is not satisfied, the creditor may be able to seize the asset that is the subject of the lien.
What is lien Act?
The provincial Builder’s Lien Act exists to assist and protect the contractors, subcontractors, labourers, and suppliers who have provided labour or materials to a construction project. The Act is enforced where these individuals are not paid for their efforts.
What are liens on property?
What Is a Lien? A lien is a legal right or claim against a property by a creditor. Liens are commonly placed against property, such as homes and cars, so that creditors, such as banks and credit unions, can collect what is owed to them. Liens can also be removed, giving the owner full and clear title to the property.
What does lienlienable mean?
lienable 1 A claim upon a part of another’s property that arises because of an unpaid debt related to that property and that… 2 The right to hold another’s property as security for a debt owed. More
What is the legal definition of Lien?
(lēn, lē′ən) n. Law. 1. A claim upon a part of another’s property that arises because of an unpaid debt related to that property and that operates as an encumbrance on the property until the debt is satisfied.
What is a secured lien on a property?
Lien A security interest in one or more assets that lenders hold in exchange for secured debt financing. The ability of a lender to sell the collateral if the borrower defaults on a loan. For example, if a loan is secured by one house, the bank or other lender has a lien on the house.
What is bonding lien?
The legal right of a creditor to sell mortgaged assets when the debtor is unable or unwilling to meet requirements of a loan agreement. A lien makes a bondholder’s claim more secure.
