12 Questions
What type of lien is created by agreement of parties?
Consensual lien
What is the name of the lien that is placed on personal property?
Artisan's lien
What is the procedure for a contractor/worker to file a mechanic's lien?
File with the county clerk where the property is located
What is the purpose of an attachment?
To seize a debtor's property before a judgment is made
What must a creditor prove about the defendant to get an attachment?
Any one of the above
What is a possible consequence of a mechanic's lien?
The proceeds of the sale will be used to pay the contractor/worker
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
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
What is the purpose of garnishment?
To satisfy a debt by seizing property held by a third party
What is the main purpose of a mortgage foreclosure?
To seize the debtor's property and sell it to satisfy the debt
What right does a surety or guarantor have against the debtor?
Right to subrogation, reimbursement, and contribution
What is the purpose of the Federal Consumer Credit Protection Act?
To ensure debtors can keep a certain amount of their income
Learn about different types of liens, including consensual, statutory, mechanic's, and artisan's liens. Understand the process of filing a mechanic's lien and how it can help workers get paid.
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