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LSDefine

Simple English definitions for legal terms

lien state

Read a random definition: jus necessitatis

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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Dkk
19:42
SEO is big money
2016 pushed the conservative party into populism irreversibly
Dkk
19:43
Maybe, but if this is populism, then every election is populist.
19:43
@Dkk: yeah register 1 website and every swinging tom dick and harry calls/emails/texts to 'help with seo'. like bruh, if YOU found it, what i am doing is working
Dkk
19:43
Indeed!
19:48
wasp, i think people are hopeful for a gov who at least attempts to care about the common man
MIAMI A
[] AromaticTroubledDormouse
20:55
How does one know if they are UR1 or UR2?
[] AromaticTroubledDormouse
20:56
CONGRATS MACAQUE!
TY
got a random stanford email and almost had a heart attack
ALSO CONGRATS!
Congrats1!
21:15
Miami A, yall I'm so excited I could cry.
21:15
Feel like I can finally stop holding my breath!! Whew!!!
[] baddestbunny
22:16
every time I get accosted by a strange man who follows me around because my male coworkers were too busy talking to walk me back to my car I get closer to saying we need to bring back traditional gender roles
Dkk
22:32
Nice! @Macaque
Dkk
22:32
@Aromatic, Have to guess.
Dkk
22:33
That sucks @Bunny do you have to go to the hospital?
[] baddestbunny
22:40
I said accosted not assaulted
23:35
guys. my notre dame address just went long is this good or bad
1a2b3c4d26z
23:37
Oooooo me too
23:37
omg is this good or bad
Dkk
23:47
Idk if gender roles are gunna fix that then.
23:49
it looks like most people who applied in october last cycle didn't get a decision until january... does it even mean anything that our addresses went long??
hows ED 2 compared to ED 1?
Dkk
0:10
No idea
windyMagician
0:34
reporting live to say my ndls address also went long
does it mean anything ^
Dkk
2:21
NDLS and Fordham took a very long time last year. It's good info for people to know.
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