A lien is a form of security interest granted over an item of property to secure the payment of a debt or the ance of some other obligation. The owner of the property who grants the lien is referred to as the lienor, and the person who has the benefit of the lien is referred to as a lienholder. The etymological root is Anglo-French "lien" meaning bond or restrained, from Latin "ligamen" meaning to bind. In the United States, the term lien generally refers to a wide range of encumbrances and would include other forms of mortgage or charge. In the USA, a lien characteristically refers to non-possessory security interests. In other common-law countries, the term lien refers to a very specific type of security interest, which is a passive right to retain but not sell property until the debt or other obligation is discharged. In these countries, when possession of the property is lost, the lien is released. However, common-law countries also recognize a slightly anomalous form of security interest called an equitable lien, which arises in certain rare instances. Despite their differences in terminology and application, there are a number of similarities between liens in the USA and elsewhere in the common-law world.
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Michigan construction lien waiver Form: What You Should Know
Claims and Interest. If no Interest is claimed in the amount of Claimant's contract payments hereunder by June 30 prior to the time fixed for the recording of Interest, any and all construction lien rights shall be fully discharged. This form must be made a true copy in whole or from the original. The waiver of the parties' construction rights, including right of entry over the land, shall remain in full force and effect and shall be enforceable. This Michigan Law firm Michigan Land and Lease Act Form 569.1115 Waivers — Definitions. 670.3552 Waivers — Required acts. 670.3422 Waivers — Time limits. 570.1115 Limited Liability Company (LLC) Notice; Definition. 571.19 Limitation. — The Company shall be legally limited in its liability for any lien (subject to subsection (5)) not exceeding six hundred fifty acres. [5] 571.3052 Liability of limited liability company. — Except as provided in sections 561.22-5 and 571.32 and as provided in subsections (5), (6) and (7) and sections 520.3423 to 5210.3621 of the Michigan Government Code and in sections 502.1701 to 502.1705 of the Michigan Unemployment Insurance Laws, a limited liability company may not issue, sign, or file, or cause to be signed, filed, or caused to be signed, filed, or otherwise cause the execution to be drawn, of the document required by subsection (4). [6] 571.2105 Limited liability company; consent. — A consent to a particular lien shall not constitute a waiver, nor shall a consent to any other lien extend beyond any previous consent to that same lien. [7] 571.2407 Limited liability company; foreclosure. — Upon the sale of all or any part of the property, or any other cause of action, any limited liability company, while remaining in existence as an entity for which a consent is required by this section, may foreclose a lien which is not otherwise satisfied as set forth in this section, in the following manner: [8] 571.2611 Limited liability company; default.
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