What do you mean by particular lien?

2019-12-10 by No Comments

What do you mean by particular lien?

: a lien upon specific property as security for the payment of a debt or the satisfaction of some other obligation arising out of a transaction or agreement involving that property. — called also specific lien.

What is general and particular lien?

General lien alludes to the right to keep possession of goods belonging to other against general balance of account. Particular lien implies a right of the bailee to retain specific goods bailed for non-payment of amount. Availability. Any goods, in respect of which the amount is due to another person.

Which type of lien a bailee can exercise?

The right of lien can be exercised only when the bailee has expended his labor and skill on the goods bailed. Therefore, mere custody of goods does not give a right of lien. The right of lien can be exercised only when the work has been completed in lime.

What is meant by banker’s lien?

Lien is one of the important rights enjoyed by a banker. Lien means the right of the creditor to retain the goods and securities owned by the debtors until the debt due from him is repaid. It confers upon the creditor the right to retain the debtor’s security and not the right to sell it.

What is lien and its type?

The Indian Contract Act, 1872 classifies the Right of Lien into two types: Particular Lien and General Lien. Section 170 of the aforesaid Act gives the exact definition of Particular Lien which states that the Bailee is free to hold control of a precise property with position to the charge which is due.

What are specific liens examples?

Examples of specific liens include: -Property tax lien when taxes are not paid. -Mortgage lien when a mortgage is used in financing. Both ad valorem tax liens and special assessment tax liens have priority over all other types of liens (but ad valorem tax liens have priority over special assessment tax liens.)

What is lien and its types?

What are the 2 kinds of lien?

The Indian Contract Act, 1872 classifies the Right of Lien into two types: Particular Lien and General Lien.

Which lien is highest in priority?

A general rule in property law says that whichever lien is recorded first in the land records has higher priority over later-recorded liens. This rule is known as the “first in time, first in right” rule.

Can a bailee retain goods under a particular lien?

Under a particular lien, a bailee can retain only those goods on which he exercised labour or skill. Thus a person who merely takes an animal to graze, is not entitled to a lien on it. 5. The right of lien does not accrue until the services have been performed and the remuneration has become due.

What is the meaning of a lien lien?

Meaning and definition of Lien Lien is the right of one person to retain possession of goods owned by another until the possessor’s claims against the owner have been satisfied. In the Contract of Bailment Bailee has a right to exercise the lien over the goods bailed to him.

What is a lien in the contract of bailment?

In the Contract of Bailment Bailee has a right to exercise the lien over the goods bailed to him. According to Halsbury’s law of England, “Lien is in its primary sense of right in one man to retain that which it in his possession belonging to another until certain demands of the person in possession are satisfied.

Which is an example of a general lien?

When the bailee is entitled to retain any goods bailed to him for any amount due to him in respect of those goods or any other goods, it is called General Lien. K deposited certain jewels with a bank to secure certain debt.