BANKING AFFAIRS

Detailed explanation-1: -Lien is the right of an individual to retain goods and securities in his possession that belongs to another until certain legal debts due to the person retaining the goods are satisfied. Lien does not endorse a power of sale but only to retain the property.

Detailed explanation-2: -Many types of liens are used to secure assets. The three main types of lien are bank, real estate and tax. When it comes to property, the contract on the property needs to be paid. In case the contract is not paid, the lender has the legal right to seize the property as well as to sell the property.

Detailed explanation-3: -A banker’s lien is a legal right arise in many common law jurisdictions of a bank to exercise a lien over any property in the custody of the bank as security. Lien is of two types: Particular lien. General lien.

Detailed explanation-4: -lien, in property law, claim or charge upon property securing the payment of some debt or the satisfaction of some obligation or duty. Although the term is of French derivation, the lien as a legal principle was a recognized property right in early Roman law.

Detailed explanation-5: -General. A general lien is the right to keep property and securities as payment for a specific obligation, but only for the overall total that is owed by the owner of the property and securities to the person who is in possession of the property.