Possessory lien, Business Law and Ethics

Possessory Lien

Possessory Lien right of a party in possession about anothers goods to retain like the m as security about an obligation owned as in the owner.  Therefore the lien exists like common law. Where It has been codified through the Sales of Goods Act in such relation to contracts of sale of goods. Hence possession is indispensable and whether to create the lien the possession must be legal, and like continuous, and just not for a particular reason. Regularly such the lien will be lost whether the person entitled for it parts with possession also.

(1) General Lien

Such a general lien provides the person in possession of goods for the right to retain those goods whether any debt due to him through the owner of the goods has been paid for—although the debt is in respect of those goods may otherwise. However a lien may be enjoyed through express or implied term of the contract, where it may from general custom or like usage. Therefore few example as;, advocates, like bankers, and factors, as well like stockbrokers plus auctioneers have as general lien.

(2) Particular Lien

However an inkeeper has a possessory lien more than the goods of a guest for his premises; whether a lien is in the nature such a particular lien but it can be exercised merely re monies due in respect to the particular visit as—since it really stands in a individual class but the inkeepers claim does not fundamentally relate to the goods.

Posted Date: 2/2/2013 7:20:47 AM | Location : United States







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