![]() CATEGORIES: BiologyChemistryConstructionCultureEcologyEconomyElectronicsFinanceGeographyHistoryInformaticsLawMathematicsMechanicsMedicineOtherPedagogyPhilosophyPhysicsPolicyPsychologySociologySportTourism |
The following text introduces the area of debt and the remedies available to creditors.Read the text, then match the three main types of liens (1-3) with their Explanations (a-c). Consensual lien Judicial lien Statutory lien A a lien created as the result of a legal process B a lien created by agreement between the parties C a lien created by legislation governing the Relationship between debtor and creditor Debtor-creditor is the area of the law debtors and Creditors. The law outlines what happens make Payments and what remedies are available to the creditor not focus on The creation of the of the debtor-creditor Relationship. With this mind, Not have the resources to make payment. determined has some type of 'favoured status'. Broadly speaking, creditors Means, either by lien or by priority. There are three different types of liens: consensual, judicial and statutory. A consensual lien is One which is created upon agreement between the debtor and creditor. Usually, this type of lien Must be perfected through some type of registration process order to be against third Parties (e.g. other creditors seeking payment from the debtor from Examples Of these types of liens would be mortgages and registered security interests. Mortgages are liens Created in land, whereas security interests are generally related to other types of property. Judicial Liens arise as a result of some sort of judicial proceedings brought by the creditor to secure an interest in the debtor's property. Examples lien include attachment liens, Garnishment, judgment liens and execution liens. seizure of the debtor's property by a public official (such as enforce the debtor. Statutory liens are liens created by legislation due to the economic between the debtor ar1d creditor. Common examples of this type of lien are tax liens and mechanic's liens. In Some cases, perfection of this type of lien required in order to be valid against third parties. Priority becomes an issue when the debtor is unable to make payment of when they Become due and a group of creditors take action secure payment of their particular claim. Most commonly, creditors bring some course of insolvent liquidationl proceedings. In such a circumstance, usual gather the debtor's Property and to distribute it among the creditors. When there property to go Around, the law has a system under certain creditors are paid before others. Most of the rules that apply are first-in-time rules related to different classes of Creditors. Examples of priority creditors would be wage earners, collectors. Other creditors are usually subject to US) involuntary bankruptcy The majority of not have any favoured status, either by lien or priority. These Creditors are often referred to as general creditors. the context of group actions, these creditors generally end debtor's property. In order for These creditors to have to bring an action to attain The status of lien creditor. e Match these types of liens (1-8) mentioned in the text with their explanations (a-h). You may need to consult the glossary. Attachment lien Execution lien Garnishment Judgment lien 5 mechanic's lien Mortgage Security interest Tax lien Date: 2015-12-11; view: 1123
|