Types of liens

(a)   a claim against a property which secures payment for taxes owed to the government

———a claim imposed on a person against whom a judgement has been entered but remains unsatisfied.

(a)  

a lien created by agreement between the parties is called ——

• consensual lien

• judicial lien

• statutory

a prejudgement interest in assets resulting from a court order or writ to seize such assests.

(a)  

a claim against real property which secures payment for work or services carried out on that property.

(a)  

garnishment is ———

• a legal right to property an owner gives to creditor as collateral for repayment of a debt through the creation of a security interest

• a court order directing that money or property of a third party (usually wages paid by an employer) be seized to satisfy a debt owed by a debtor to a plaintiff creditor

• a right created by a court order or writ directing the seizure of assests of a debtor in order to enforce a judgement

creditors may get favoured by two means ——-

• lien

• priority

• encumbrance

• fist-in-time rule

some liens require ———-to be valid for third parties

(a)  

what kind of creditors are called “general creditors”?

In Britain companies may ———

• go bankrupt

• become insolvent

• go into liquidation