What are the Various Types of Liens?
The following are the various types of liens. They include: Consensual, Common Law, Statutory, General and Specific. • Consensual liens are imposed by a contract between the creditor and the debtor and can include, home mortgages, car loans and security interests. • Common Law Lien is the right of one person to retain in his or her possession that which belongs to another until certain demands of the person are satisfied. An example: A hotel’s lien on the belongings of a delinquent tenant. • Statutory Lien arises against a taxpayer upon the assessment of a tax delinquency by the IRS. To initiate seizure, the lien must be filed in the Recorder of Deeds office. • General Lien is a registered claim against all property of a debtor. Instead of attaching to just one property, the General Lien attaches to all properties owned by the person. • Specific Lien is a lien affecting or attaching only to a specific piece of land or property as in most Consensual and Common Liens. Liens are governed
