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general lien—a possessory lien by which the lien holder may retain any of the debtor's goods in the lien holder's possession until any debt due from the debtor, whether in connection with the retained goods or otherwise, has been paid. Factors, insurance brokers, packers, stockbrokers, and banker's liens are all usually general liens.
Collateral Protection Insurance, or CPI, insures property held as collateral for loans made by lending institutions. CPI, also known as force-placed insurance and lender placed insurance, [1] may be classified as single-interest insurance if it protects the interest of the lender, a single party, or as dual-interest insurance coverage if it protects the interest of both the lender and the ...
A loss payee clause (or loss payable clause) is a clause in a contract of insurance that provides, in the event of payment being made under the policy in relation to the insured risk, that payment will be made to a third party rather than to the insured beneficiary of the policy.
When the collateral, such as a home, is sold, the creditor with the highest- or first-priority lien gets paid out first, followed by the second-priority lien holder and so on, until the proceeds ...
If you find a lien on your property that you didn’t know about, don’t panic. It might be a paid-off lien that the lienholder hasn’t removed yet. If the lien is the result of an unpaid debt ...
When a provision of law requires that repossession takes place, the lien holder has a non-delegatable obligation not to cause a breach of the peace (which is synonymous with disturbing the peace) in performing the repossession or the repossession will be reversed, and the party ordering the repossession will be liable for damages (or the lienholder will be held responsible).
The party that has the right of property is referred to as a lienholder, and in the event the registered owner fails to pay off the lien according to the agreed-to terms, the lienholder has the right to invoke repossession of the property.
Coverage type. What it covers. Liability. This coverage steps in if you or a listed driver on your policy causes property damage and/or injuries to another person caused by an accident in which ...