8.-4. The effect of liens. In general, the right of the holder of the lien is confined to the mere right of retainer. But when the creditor has made advances on the goods of a factor, he is generally invested with the right to sell. Holt's N P. Rep. 383; 3 Chit. Com. Law...
Lienholder. A lienholder is the bank, finance company, credit union, other financial institution, or individual with whom you signed an agreement to borrow money using a particular asset, such as a car, as collateral. As long as there is a balance due on the loan, the lienholder must be...
Contact your insurance company and ask to add a lien holder to your policy. Tell your carrier the requirements your new lien holder has for insurance company. What is a lienholder protection? An accident or claim could impact the lessee from both an insurance premium and a liability standpoint...
For years, numerous attempts have been made under the preferential payment section of the code to upset the rights of a mechanics lien holder who may have had a perfected lien or waived those rights in lieu of payment. Courts are divided on preferential payments in mechanics lien cases This ...
To better understand how coinsurance in property insurance works, let’s look at an example. Let’s say you have an 80% coinsurance declared in your property policy with $5,000 deductible. The replacement cost of your property is one and a half million. ...
Having a lien on your car often means you’re subject to conditions set by your lienholder (typically, your lender) until your loan is paid in full. This includes things like carryingcomprehensive insurance coverageto help protect the asset, until the lender no longer has a financial interest...
If there is more than one lien on the home, the proceeds of the home sale will pay off the first lien holder first, the second lien holder second, and so on. Better Mortgage only offers first-lien and second-lien mortgages, and debt consolidation mortgage refinances. Related...
In some cases, the lienholder is permitted to take possession of the property until the debt or obligation is satisfied but cannot sell it. Placing and Removing Liens Liens might be agreed to by the debtors, or they might be imposed upon debtors through legal means. To place a lien on ...
SECTION 2.07 Insurance. As among the First Lien Secured Parties, the Collateral Agent, acting at the written direction of a Controlling Secured Party, shall have the right to adjust or settle any insurance policy or claim covering or constituting Shared Collateral in the event of any loss thereun...
If you receive a payout from an insurance company to repair your vehicle, you aren't legally obligated to make the repairs if you own the car outright. If you financed the vehicle, however, the lender is the lienholder and has interest in the car. In that case, theinsurance checkmay ...