BANKING AFFAIRS

BANKING GENERAL KNOWLEDGE

Question [CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
The right to retain possession only of those goods in respect of which the dues have arisen is called
A
particular lien
B
general lien
C
right of set off
D
All of these
Explanation: 

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.

Detailed explanation-2: -Liens are of two kinds: general and particular. A general lien is the right to retain the property for a general balance of accounts. A particular lien is a right to retain property for a charge on account of labour employed or expenses bestowed upon the identical property detained.

Detailed explanation-3: -Bailee’s right of lien If the bailee’s lawful charges are not paid, he may retain the goods. ‘Lien’ means right to retain possession of goods until some debt or claim is settled.

Detailed explanation-4: -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.

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