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Types of Liens and Mechanic's Liens

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Questions and Answers

What type of lien is created by agreement of parties?

Artisan's lien
Statutory lien
Mechanic's lien
Consensual lien (correct)

What is the name of the lien that is placed on personal property?

Statutory lien
Consensual lien
Mechanic's lien
Artisan's lien (correct)

What is the procedure for a contractor/worker to file a mechanic's lien?

File with the local police department
File with the county clerk where the property is located (correct)
File with the state court
File with the IRS

What is the purpose of an attachment?

To seize a debtor's property before a judgment is made (A) Signup and view all the answers

What must a creditor prove about the defendant to get an attachment?

Any one of the above (D) Signup and view all the answers

What is a possible consequence of a mechanic's lien?

The proceeds of the sale will be used to pay the contractor/worker (A) Signup and view all the answers

What happens to a debtor's property if a creditor is successful in a legal action?

The property is seized and sold to satisfy the judgment (C) Signup and view all the answers

What is the primary difference between a surety and a guarantor?

A surety is primarily liable for the debt, while a guarantor is secondarily liable (D) Signup and view all the answers

What is the purpose of garnishment?

To satisfy a debt by seizing property held by a third party (C) Signup and view all the answers

What is the main purpose of a mortgage foreclosure?

To seize the debtor's property and sell it to satisfy the debt (C) Signup and view all the answers

What right does a surety or guarantor have against the debtor?

Right to subrogation, reimbursement, and contribution (C) Signup and view all the answers

What is the purpose of the Federal Consumer Credit Protection Act?

To ensure debtors can keep a certain amount of their income (A) Signup and view all the answers

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