What's the mining of LIEN: "A lien may be recorded on initial application for a Salvage Vehicle Title"

Question

The context is Salvage vehicle titles requiremnents. Contune:

"The lien may be a new lien, or an existing recorded lien may be carried forward to the Salvage Vehicle Title."

Answer 1

A lien (if one has been properly filed) gives the lien holder the right to take and hold or sell the property of a debtor as security or payment for a debt or duty.

Answer 2

lien is a form of security interest granted over an item of property to secure the payment of a debt or performance of some other obligation. The owner of the property, who grants the lien, is referred to as the lienor and the person who has the benefit of the lien is referred to as the lienee.

Answer 3

a Lien is when someone else has a claim on something you own or posess.  A mortgage is a lien, since someone else lent you the money for the house.  Until you pay back the money that you owe, they (the lender and lienholder) can take your object.

For your case, if you have a loan that you used to pay for the car (which is now totalled), you don't have to get a new loan just to transfer the title to a Salvage Title.

Answer 4

Hi Rasco,

A lien, whether it's on a vehicle or a piece of property etc. means there is money still owing, usually to a bank for the goods or property.

Some people are shocked when they purchase a salvaged vehicle for next to nothing, that they know owe a bank several thousands dollars for what is basically a piece of junk.

Always do a lien search before you buy a car. Car dealerships automatically do that when they purchase cars.

Answer 5

by definition:

a right given by law to certain creditors to have their debts paid out of the property of a defaulting debtor, usually by means of a court sale (real estate).

basically its a way for creditor to get their money when an owner is not paying...