What Is A Mechanics Lien
 

What Is A Mechanics Lien

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What is a mechanics lien? This presentation answers that question by answering a more fundamental one: what is a lien? Going through the legal foundation for liens and security instruments, the ...

What is a mechanics lien? This presentation answers that question by answering a more fundamental one: what is a lien? Going through the legal foundation for liens and security instruments, the presentation explains what a lien is, what a mechanics lien is, where it comes from and why its used.

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What Is A Mechanics Lien What Is A Mechanics Lien Presentation Transcript

  • Mechanics Lien?What is a
  • ics Lien? What is a
  • LienIn law, a lien is a form of securityinterest granted over an item ofproperty to secure the payment of adebt or performance or some otherobligation. The owner of the property,who grants the lien, is referred to asthe lienor and the person who has thebenefit of the lien is referred to as thelienee.
  • LienIn law, a lien is a form of securityinterest granted over an item ofproperty to secure the payment of adebt or performance or some otherobligation. The owner of the property,who grants the lien, is referred to asthe lienor and the person who has thebenefit of the lien is referred to as thelienee.
  • LienIn law, a lien is a form of securityinterest granted over an item ofproperty to secure the payment of adebt or performance or some otherobligation. The owner of the property,who grants the lien, is referred to asthe lienor and the person who has thebenefit of the lien is referred to as thelienee.
  • This Is Your CousinCarl.He Wants $10,000.He can’t comb his ownhair, so you don’t trustthat he will pay youback.
  • Carl Owns This Sweet Ride
  • “Dude...I promiseto pay you back.If I don’t - you canhave my sweetride.”
  • You Give Carl $10,000Carl Keeps His Sweet RideCarl promises to give you hissweet ride if he doesn’t payyou the $10,000 back.
  • LienIn law, a lien is a form of securityinterest granted over an item ofproperty to secure the payment of adebt or performance or some otherobligation...
  • You Just Created A “Security Interest” * With Carl*Additional paperwork required.
  • How You Can Get A Security Interest Someone AgreesTo Give This ToYou
  • How You Can Get A Security Interest Someone Agrees The Law Gives It ToTo Give This ToYou You Automatically
  • Mechanics Lien
  • Mechanics Lien
  • Mechanics LienA mechanic’s lien is a security interestin the title to property for the benefitof those who have supplied labor ormaterials that improve the property.
  • WHY?
  • WHY?Thomas Jeffersonintroduced the firstmechanics lienlegislation.
  • No one was willing to build outWashington D.C. because they wereafraid of not getting paid
  • And We Don’t Pay For ItIf You Build It You Can Have It
  • This would have never worked pre-America, becauseland ownership was reserved for aristocrats. America,however, was land-rich.