Mechanic's Lien
Definition of "Mechanic's lien"
Claim on property by an unpaid workman or contractor. The property may be sold to recover the money owed. The legal justification of the mechanic's lien is that the labor and materials supplied increase the value of the property and therefore the property should be security for payment. Further, the workman should be compensated for his services. An example is an electrician or plumber who has not been paid for his work by the homeowner.
Popular Real Estate Terms
Person's title to real estate giving him exclusive power and rights owner it. ...
In insurance, an estimable risk for the purpose of calculating an adequate and reasonable premium providing sufficient resources should the company need to pay a claim while maintaining ...
Property taken over by the government because the owner has failed to pay taxes on it. The property may revert back to the owner when the taxes are paid. If not, the government may sell the ...
Used to compute the tax on a specified taxable income. The marginal tax rate usually increases as the taxable income rises. ...
Thin layer or slate of baked clay, linoleum, or some other material that is used for covering floors, roofs, or as an ornament in a building. ...
Horizontal supports for the ceiling of a structure. ...
A lease having two or more joint lessees who share a common liability with a lessor. Under a joint and several liable lease the lessor may demand the full terms of the lease from one or all ...
The act or removing or dispossessing or expulsion of an individual from a premise by force or law. ...
Series of intersecting lines dividing a map or chart into equal sections. Series of intersecting bars, wires or support as in a grating or supports in a dropped ceiling. ...
Have a question or comment?
We're here to help.