Legal English – Peter’s Pills – Lesson 61 – Liens
Liens
Transcript:
Hello!
Today we look at liens. A lien (pegno/vincolo) is a legal right that grants one party the authority to retain (trattenere) or sell specific property until a debt is settled (saldato). It serves as a guarantee or security interest for the party owed money (a cui è dovuto il denaro), ensuring (garantendo) they have a lawful means to recover what they are owed.
In the UK there are two primary categories of liens:
Possessory Lien: This type enables a creditor to keep possession of a debtor’s property until the debt is paid. For example, an auto repair shop can retain a vehicle until repair costs are covered.
Equitable Lien: Unlike possessory liens, equitable liens do not require physical possession. Instead, they are created through court orders or equitable principles, often pertaining to mortgages or property interests.
Liens operate within a well-defined framework:
Creation: A lien is established when a valid debt or obligation exists between a creditor and a debtor.
Possession or Control: For a possessory lien, the creditor must have control or possession of the debtor’s property. Equitable liens, on the other hand, are created through court orders or equitable principles.
Notice (avviso): It’s crucial to inform the debtor about the lien’s existence for transparency and debt settlement.
Enforcement: If the debtor defaults (non rispetta) on payment or obligation, the creditor can enforce (eseguire) the lien by taking possession of the property, selling it, or seeking legal remedies to recover the debt.
Priority: In cases with multiple creditors holding liens on the same property, priority is typically determined by factors such as the type of lien and the timing of its creation.
Thank you, and see you next time for more Peter’s Pills to improve your legal English.
Read more about liens in common law countries here: “Lien” (from Wikipedia)
Legal English – Sommario delle Lezioni
Legal English – Peter’s Pills – Lesson 61 – Liens
Legal English – Peter’s Pills – Lesson 60 – Test your Legal English
Legal English – Peter’s Pills – Lesson 59 – Appurtenent vs In gross
Legal English – Peter’s Pills – Lesson 58 – Building societies and Banks
Legal English – Peter’s Pills – Lesson 57 – Valid, void and voidable contracts
Legal English – Peter’s Pills – Lesson 56 – Rescission
Legal English – Peter’s Pills – Lesson 55 – Golden expressions
Legal English – Peter’s Pills – Lesson 54 – Pre-emption right vs Right of first refusal
Legal English – Peter’s Pills – Lesson 53 – What do we mean by “agent” of a company?
Legal English – Peter’s Pills – Lesson 52 – Voting at a meeting
Legal English – Peter’s Pills – Lesson 51 – Contracts vs Deeds
Legal English – Peter’s Pills – Lesson 50 – Executive and Non-Executive Directors
Legal English – Peter’s Pills – Lesson 49 – Transfer of shares vs transmission of shares
Legal English – Peter’s Pills – Lesson 48 – They, them, their for singular nouns
Legal English – Peter’s Pills – Lesson 47 – Jointly and severally
Legal English – Peter’s Pills – Lesson 46 – Invoice words
Legal English – Peter’s Pills – Lesson 45 – Quotation
Legal English – Peter’s Pills – Lesson 44 – Gazumping and Gazundering
Legal English – Peter’s Pills – Lesson 43 – English words that the English do not understand
Legal English – Peter’s Pills – Lesson 42 – Easement vs Profit à prendre
Legal English – Peter’s Pills – Lesson 41 -er, -or and -ee names
Legal English – Peter’s Pills – Lesson 40 – The Objects Clause
Legal English – Peter’s Pills – Lesson 39 – When is Latin hot, and when is it not?
Legal English – Peter’s Pills – Lesson 38 – Default
Legal English – Peter’s Pills – Lesson 37 – Company Agent
Legal English – Peter’s Pills – Lesson 36 – Injunction (false freind)
Legal English – Peter’s Pills – Lesson 35 – Mortgage
Legal English – Peter’s Pills – Lesson 34 – Freehold, Leasehold and Commonhold estates
Legal English – Peter’s Pills – Lesson 33 – Transferor, Transferee and Transmittee
Legal English – Peter’s Pills – Lesson 32 – Tax evasion, tax mitigation and tax avoidance
Legal English – Peter’s Pills – Lesson 31 – Numbers
Legal English – Peter’s Pills – Lesson 30 – Ordinary resolutions vs special resolutions
Legal English – Peter’s Pills – Lesson 29 – AGM vs EGM
Legal English – Peter’s Pills – Lesson 28 – A going concern
Legal English – Peter’s Pills – Lesson 27 – Collocations: Violate, breach, break, disobey and infringe
Legal English – Peter’s Pills – Lesson 26 – Company meeting words
Legal English – Peter’s Pills – Lesson 25 – Mortgagor vs Mortgagee
Legal English – Peter’s Pills – Lesson 24 – Fixed charges vs Floating charges
Legal English – Peter’s Pills – Lesson 23 – Doctrine
Legal English – Peter’s Pills – Lesson 22 – Construe
Legal English – Peter’s Pills – Lesson 21 – Sign vs Execute
Legal English – Peter’s Pills – Lesson 20 – The closing statement
Legal English – Peter’s Pills – Lesson 19 – Writing Business Emails
Legal English – Peter’s Pills – Lesson 18 – Limited companies
Legal English – Peter’s Pills – Lesson 17 – Annual Accounts
Legal English – Peter’s Pills – Lesson 16 – Meetings
Legal English – Peter’s Pills – Lesson 15 – Attorney-at-law vs Attorney-in-fact
Legal English – Peter’s Pills – Lesson 14 – Here and there compounds
Legal English – Peter’s Pills – Lesson 13 – Subject Matter
Legal English – Peter’s Pills – Lesson 12 – The clear days rule
Legal English – Peter’s Pills – Lesson 11 – Shareholder, Member or Holder of shares?
Legal English: Peter’s Pills – Lesson 10 – Competition Law
Legal English: Peter’s Pills – Lesson 9 – Lasting Power of Attorney
Legal English: Peter’s Pills – Lesson 8 – Guardianship
Legal English: Peter’s Pills – Lesson 7 – Damage vs Damages
Legal English: Peter’s Pills – Lesson 6 – Legal Doublets
Legal English: Peter’s Pills – Lesson 5 – Escrow
Legal English: Peter’s Pills – Lesson 4 – Memorandum of Association vs Articles of Association
Legal English: Peter’s Pills – Lesson 3 – Sign legibly
Legal English: Peter’s Pills – Lesson 2 – Deed poll
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