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Simple English definitions for legal terms

lien theory

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A quick definition of lien theory:

Lien theory: This is the idea that a mortgage is like a lien, which means that the lender only has a claim on the property and the borrower still owns it unless the lender forecloses. Most states in America follow this theory. The opposite is title theory, where the lender actually takes legal ownership of the property until the loan is paid off.

A more thorough explanation:

Definition: Lien theory is the idea that a mortgage is like a lien, which means that the lender only has a claim on the property and the borrower still owns the property unless the lender forecloses on it. This theory is adopted by most American states.

Example: Let's say you want to buy a house, but you don't have enough money to pay for it all at once. You can get a mortgage from a bank, which means the bank will lend you the money to buy the house. However, the bank will also have a claim on the house until you pay back the loan. This claim is like a lien, and it means that the bank can foreclose on the house if you don't make your mortgage payments.

This example illustrates how lien theory works in practice. The bank doesn't own the house, but it has a claim on it until the borrower pays back the loan. If the borrower defaults on the loan, the bank can foreclose on the house and take ownership of it.

lien of a covenant | lieutenant

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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.
[] baddestbunny
4:29
let’s get after it boys and girls
Dkk
5:21
I gtg to bed soon.
Dkk
5:22
Big day today. Gunna be a crazy one. I will sleep through the first half.
good morning lsd it is 5 am EST
also jazzy my ndls address went long ages ago i sadly do not think it means anything
my stanford address also went long LOL i think at most it's an indicator it's under review
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