what is the difference between a general and a specific lien?
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A specific lien is granted only with respect to a particular asset. ... A general lien is a lien on all property. This is both the real property and personal property an individual owns, not just one specific real property (like in the case of a foreclosure).
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Lien stands for a lock that has been put on your account. When it comes to lien amount you should know that this particular amount has been locked by the bank for a specific time. After the amount has been frozen you won't be able to withdraw it or use it for any purpose until the lock has been removed.
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The main difference is that in a simple annuity the payment interval is the same as the interest period while in a general annuity the payment interval is not the same as the interest period.
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A specific time is set for the repayment of the debt-money which includes the interest and the principal amount which has been borrowed by the corporate or any individual borrower from the lender; a bond, on the other hand, is a type of loan also known as a debt security.
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The main difference between the two documents is the duration. Purchase orders represent single business transactions. Contracts are used for long term arrangements between the buyer and seller. Contracts may also allow for renewal options.
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A statutory warranty deed is different from a warranty deed because it is a shorter form made available through your state's statutes and it may not outright list the promise that the title is guaranteed to be clear. Instead, because it is a statutory form, this guarantee is implied and is still legally enforceable.
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An average may be particular or general. A particular average is one that is borne by the owner of the lost or damaged property (unless he was insured against the risk). A general average is one that is borne in common by the owners of all the property engaged in the venture.
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A statutory lien that exists to secure payment for services, labor, and material related to improvements performed on real property. The procedures for creating and enforcing a mechanic's lien vary depending on whether real or personal property is involved.
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"Collateral" and "lien" are terms that go together, but they're essentially different parts of the same machine. A lien is an interest that a lender has on a piece of property that you give to secure a loan; the property itself is the collateral.
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One big difference is the length of the lease. With an estate for years, there's a specific ending date and the lease can be for an extended period of time. In contrast, a periodic tenancy arrangement doesn't have a specific ending date.
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A property-tax lien is a legal claim against a property for unpaid property taxes. A tax lien prohibits a property from being sold or refinanced until the taxes are paid and the lien is removed. ... If the property owner does not pay up within a certain period of time, the lienholder can foreclose on the property.
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The Contract to Sell comes before a Deed of Sale, as the former serves as the basis for the latter. There is an act of finality when it comes to the Deed of Sale. On the other hand, the Contract to Sell requires that the parties first complete the conditions they agreed to.
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One principal difference between these two types of repo stems from the fact that a repurchase transaction is always evidenced by a written contract, whereas a buy/sell-back may or may not be documented. ... These deficiencies make undocumented buy/sell-backs riskier.
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Related Content. A lien placed on a debtor's property by a court judgment to secure the payment of a debt by a judgment debtor.
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["Search online, particularly at the county assessor's office. Here's a state-by-state list.", "Visit the county assessor's office in person.", 'Ask a title company to perform a lien search. (Recommended)']
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A general warranty deed covers the property's entire history. ... With a special warranty deed, the guarantee covers only the period when the seller held title to the property. Special warranty deeds do not protect against any mistakes in a free-and-clear title that may exist before the seller's ownership.
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A mortgage has just two parties: the borrower and the lender. A deed of trust, however, has an additional third party, called a "trustee" who holds onto the title of the home until the loan is repaid.