Legal Definitions - leveraged lease

The term leviable describes something that can be legally imposed, collected, or seized. It applies in two main contexts:

• Subject to Imposition: This refers to a tax, fee, fine, or charge that can be legally assessed or imposed by an authority.
• Subject to Seizure: This refers to assets or property that can be legally taken or seized to satisfy a debt, judgment, or obligation.

Here are some examples illustrating the use of "leviable":

• Example 1 (Subject to Imposition): A state legislature passes a new law imposing an excise tax on certain luxury goods. The law specifies that this tax will be applied at the point of sale.

  Explanation: The excise tax is leviable on the luxury goods, meaning the state has the legal authority to assess and collect this tax from consumers or retailers when these items are sold.

• Example 2 (Subject to Seizure): After a tenant fails to pay rent for several months, the landlord obtains a court judgment for the unpaid amount. The court then issues an order allowing the landlord to place a lien on the tenant's personal property, such as a valuable art collection, to recover the debt.

  Explanation: The tenant's art collection is leviable, meaning it can be legally seized or sold under court order to satisfy the outstanding judgment for unpaid rent.

• Example 3 (Subject to Imposition): A professional licensing board discovers that a licensee has engaged in unethical conduct. The board's regulations allow for the imposition of a monetary penalty for such violations.

  Explanation: The monetary penalty is leviable on the licensee, indicating that the licensing board has the legal power to assess and demand payment of this fine due to the professional misconduct.