BANKING AFFAIRS

Detailed explanation-1: -A general lien refers to the right to retain goods and securities of a particular debt but in respect of the general balance that is due by the owner of the goods and securities, to the individual who is in possession of the goods.

Detailed explanation-2: -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: -General Lien Example: If two securities are given to banker but a loan is taken against one of them he ( banker ) may retain both the securities until his claim is satisfied.

Detailed explanation-4: -General Lien is one which gives right to possession until the whole balance of the amount is paid. Example: A delivers a rough diamond to B, a jeweller, to be cut and polished, which is accordingly done. B is entitled to retain the stone till he is paid for the services he has rendered.