Is charge and lien the same?

A charge may not only empower its possessor in many cases to hold the property charged, if it is in his possession, but also to enforce it in a court of law. A lien, on the other hand, is simply a right to possess and retain property until some charge attaching to it is paid or discharged.

What is lien India?

Lien is one of the rights available to a person to retain possession of goods owned by another person until the assertion of the person having the control is satisfied. Under the Indian Contract Act, 1872 the Bailee is free to employ or operate the Right of Lien in a Contract of Bailment.

What are the two kinds of lien?

B is entitled to retain the stone till he is paid for the services he has rendered. (ii) General Lien: Section 171 of the Indian Contract Act,1872 confer on Bailee the right of General Lien. General Lien is one which gives the right to possession until the whole balance of the amount is paid.

Is negative lien a charge?

Lien is the right to retain goods of a borrower for the debt. Negative Lien is used in banking idiom for a borrower to undertake not to make any charge on his property without the sanction of the lender. Under the negative lien, the Banker does not get right to keep any asset of the borrower.

What is lien charge?

Legal Definition of lien : a charge or encumbrance upon property for the satisfaction of a debt or other duty that is created by agreement of the parties or especially by operation of law specifically : a security interest created especially by a mortgage.

What is a lien in simple terms?

Definition of lien 1 : a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law The bank had a lien on our house. 2 : the security interest created by a mortgage the lien of a mortgage.

What are types of lien?

There are three different types of Lien namely. Possessory Lien. Equitable Lien. Maritime Lien.

What is lien in simple words?

A lien is a legal right to claim a security interest in a property provided by the owner of the property to the creditor. It is generally used as a guarantee for some sort of legal obligation such as loan repayment.

What is another word for lien?

synonyms for lien

• charge.
• claim.
• hold on property.
• security on property.

What does lien mean in law?

A right which entitles a party to hold on to assets in his possession pending payment of a debt owed.