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LSDefine

Simple English definitions for legal terms

lien state

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A quick definition of lien state:

A lien state is a term used to describe the idea that a mortgage is like a lien on a property. This means that the lender only has a claim on the property and the borrower still owns it unless the lender forecloses on the property. Most American states follow this theory, which is why they are called lien states. The opposite of a lien state is a title theory state, where the lender has legal ownership of the property until the mortgage is paid off.

A more thorough explanation:

Definition: A lien state is a state that follows the lien theory, which means that a mortgage is considered a lien on the property. In this theory, the mortgagee (lender) only acquires a lien on the property, and the mortgagor (borrower) retains both legal and equitable title unless a valid foreclosure occurs. Most American states have adopted this theory.

Example: Let's say John wants to buy a house, but he doesn't have enough money to pay for it in full. He decides to take out a mortgage from a bank. In a lien state, the bank will only have a lien on the property, which means that John will still have legal and equitable title to the house. However, if John fails to make his mortgage payments, the bank can foreclose on the property and take ownership.

This example illustrates how a lien state works. The mortgage is considered a lien on the property, but the borrower still has ownership rights until a valid foreclosure occurs.

liege poustie | lien-stripping

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THATS SO FUNNY
i cant i would go crazy
JumpySubsequentDolphin
20:50
i need to know who decided to do that.
JumpySubsequentDolphin
20:50
omg im on a plane weeeee
the devil
youre on a plane??? LSD made the mile high club??
20:50
yo splitterus are you in school already
20:50
it says ur c/o 2027
JumpySubsequentDolphin
20:51
@SplitterusClitterus: HAHAH yes
ur user is hilarioussss and no i just graduated this may and am now applying ---also im out of messages so ill take a lil
20:52
roger dat. see u in heck
im back, r u applying this cycle too
JumpySubsequentDolphin
21:32
this child fell asleep on me
JumpySubsequentDolphin
21:32
im so uncomfortable
just push him off the entire seat
JumpySubsequentDolphin
21:34
LMAOOOO
JumpySubsequentDolphin
21:35
no he’s literally like 8 and he fully just put his head on my bicep and slept
JumpySubsequentDolphin
21:35
he has since moved
22:12
@SplitterusClitterus: me yesterday
gulc baby pls text me back... i miss you ...... :(
22:23
i just went into a discord vc and yelled "YALL I JUST GOT INTO J.M. SCHOOL OF LAW"
22:24
people were getting excited :sob:
22:25
then someone was like "what does jm stand for" and i was like .. well
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@JumpySubsequentDolphin: wait this is so cute, also where r u going
JOE MBIDEN
JumpySubsequentDolphin
22:39
@splitty Oregon!
oh yay for what thats so random
JumpySubsequentDolphin
22:45
haha my brother and sister in law live there
so cutie oregon is beatiful
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