71-3-101. Definitions.
136 words·~1 min read·
/mt/title-71/chapter-3/part-1/71-3-101A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
71-3-101 . Definitions. For purposes of this part, the following definitions apply:
(1)A "general lien" is one which the holder of the lien is entitled to enforce as a security for the performance of all the obligations or all of a particular class of obligations that exist in the holder's favor against the owner of the property.
(2)A "lien" is a charge imposed in some mode other than by a transfer in trust upon specific property by which it is made security for the performance of an act. Liens are either general or special.
(3)A "special lien" is one that the holder of the lien can enforce only as security for the performance of a particular act or obligation and of the obligations that may be incidental to the particular act or obligation.