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Simple English definitions for legal terms
lienor
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A quick definition of lienor:
A lienor is someone who has a right to keep someone else's property until they get paid back money that is owed to them. This is called a lien, which is like a special way of keeping something safe until a debt is paid. The person who owes the money and owns the property is called the lienee. The lienor can't sell the property, but they can keep it until the debt is paid.
A more thorough explanation:
A lienor is a person or organization that holds a lien on someone else's property or funds. This means that the lienor has the right to keep possession of the property until the debt is paid off.
For example, let's say John borrowed $10,000 from Jane to start a business. To secure the loan, John granted Jane a lien on his business equipment. Jane is now the lienor and has the right to keep possession of the equipment until John pays back the $10,000.
Another example could be a contractor who performs work on a homeowner's property but is not paid in full. The contractor can place a lien on the property, making them the lienor, until the homeowner pays the outstanding balance.
In both examples, the lienor has the right to hold onto the property until the debt is paid off. This is a passive right, meaning the lienor cannot sell the property but can keep possession of it until the debt is satisfied.