What is an involuntary specific lien?
For example, a mechanic’s or materialsman’s lien is placed on a property by a party who performed labor or furnished material to improve a property. It is a statutory involuntary specific lien. A court issues it (statutory) without the action of the owner (involuntary) and relates to one property (specific).
Which type of lien is considered involuntary and general?
Mechanic’s lien: A mechanic’s lien is a lien placed on your property for nonpayment for work you had done on the property. A mechanic’s lien is involuntary and specific.
Which of these is a voluntary lien?
One example of a voluntary lien is a mortgage. A mortgage is a lien. In this case, the lender puts a lien against the property’s value. Having the bank place a lien on the property as a mortgage, allows the individual to borrow the money against it to purchase the home.
What is the most common type of voluntary lien?
mortgage
A mortgage is probably the most commonly known type of voluntary lien. The owner is agreeing to borrow money, allowing the lender to have a legal right (i.e. a security interest) on their property.
Which of the following is an example of a voluntary lien quizlet?
Mortgage lien. A mortgage is the most common example of a voluntary lien. Each time a borrower gives a mortgage to a lender in exchange for a loan to purchase a property, they are voluntarily creating a lien on the property. The lien allows the lender to foreclose on the property if the borrower defaults on the loan.
What is an example of a voluntary lien quizlet?
A lien is a. creditor’s claim against property as security for a debt of the property owner. Which of the following is an example of a voluntary lien? Mortgage lien.
Which of the following is an example of involuntary alienation?
Involuntary alienation is the transfer of title to real property as a result of a lien foreclosure sale, adverse possession, filing a petition in bankruptcy, condemnation under power of eminent domain, or, upon the death of the titleholder, to the state if there aren’t any heirs.
What is a general voluntary lien?
A voluntary lien — also called a consensual lien — is just a lien placed on property with your consent. You voluntarily agree to a lien when you offer your property as collateral in your loan agreement and execute either a mortgage or a deed of trust that grants a lender a security interest in the property.
What is the most common type of voluntary lien quizlet?
What is the most common type of voluntary lien? Mortgage lien. A mortgage is the most common example of a voluntary lien. Each time a borrower gives a mortgage to a lender in exchange for a loan to purchase a property, they are voluntarily creating a lien on the property.
Which of the following is a junior lien?
Junior liens include; income tax liens, corporate income tax liens, intangible tax lien, judgment lien, mortgage lien, vendor’s lien, mechanic’s lien.
Which statement best describes a contract that is voidable?
A voidable contract is a formal agreement between two parties that may be rendered unenforceable for any number of legal reasons, which may include: Failure by one or both parties to disclose a material fact. A mistake, misrepresentation, or fraud. Undue influence or duress.
What is meant by involuntary alienation?
Involuntary alienation is a transfer of title to real property without the owner’s consent. DEEDS.