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Liens can be "consensual" or "nonconsensual" ("voluntary" or "involuntary" in different states). Consensual liens are imposed by a contract between the creditor and the debtor: Mortgage; Chattel mortgage; Nonconsensual liens typically arise by statute or by the operation of the common law.
Title insurance offers protection from problems with a property’s title, including liens, ownership disputes and encroachments. There are two types: a mandatory lender’s policy, whose cost is ...
A legal lien, in many common law systems, includes a right to retain physical possession of tangible assets as security for the underlying obligations. In some jurisdictions it is a form of possessory security, and possession of the assets must be transferred to (and maintained by) the secured party.
This means that creditors with liens in a lower position might not recoup all of their losses, or recover their money at all. There’s one exception to lien positioning, however: money owed to ...
A mechanic's lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property, it is called by various names, including, generically, construction lien.
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 ...
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.
General insurance is typically defined as any insurance that is not determined to be life insurance. It is called property and casualty insurance in the United States and Canada and non-life insurance in Continental Europe. In the United Kingdom, insurance is broadly divided into three areas: personal lines, commercial lines and London market.