R. A. 708, 16 Am. St. Rep
Categories: Contracts
Definition (1910 Edition)
231; In _re Lesser (D. C.) 100 Fed. 436.—First lien. One which takes priority or precedence over all other charges or incumbrances upon the same piece of property, and which must be satisfied before such other char are entitled to participate in the proceeds of its sale.—Second Hien. One which takes rank immediately after a first lien on the same property and is next entitled to satisfaction out of the proceeds.—Liem creditor. One whose debt or claim is secured by a lien on particular property, as distinguished from a “general” creditor, who has no such security. —Lien of a covenant. The commencement of a covenant stating the names of the covenantors and covenantees, and the character of the covenant, whether joint or several. Wharton.—Re-
Source: Black's Law Dictionary, 2nd Edition (1910) — Public Domain.
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