Perfected liens on personal property are created when the lender files a Form UCC-1 financing statement with the correct authority (usually the office of the secretary of the state or the office of the county recorder). This statement will outline the type and location of the collateral used to secure the loan. The filing statement gives the lender precedence in the collection process if the borrower defaults.
Investment dictionary. Academic. 2012.
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perfected lien — USA In the context of bankruptcy, a lien satisfies the statutory requirements for obtaining priority over liens subject to the same requirements. State law generally governs these requirements. For example, certain lien types become perfected… … Law dictionary
Lien — For other uses, see Lien (disambiguation). Property law … Wikipedia
perfected — per·fect·ed /pər fek təd/ adj: completed in accordance with statutory procedure for giving notice and thereby having a status of priority over security interests that are the subject of such procedure at a later date or that are not the subject… … Law dictionary
lien — /liy(a)n/ A claim, encumbrance, or charge on property for payment of some debt, obligation or duty. Sullins v. Sullins, 65 Wash.2d 283, 396 P.2d 886, 888. Qualified right of property which a creditor has in or over specific property of his debtor … Black's law dictionary
Perfected first lien — A first lien that is duly recorded with the cognizant governmental body so that the lender will be able to act on it should the borrower default. The New York Times Financial Glossary … Financial and business terms
perfected first lien — A first attachment on an asset that is duly recorded with the relevant government body so that the lender will be able to act on it should the borrower default. Bloomberg Financial Dictionary … Financial and business terms
Tax lien — A tax lien is a lien imposed on property by law to secure payment of taxes. Tax liens may be imposed for delinquent taxes owed on real property or personal property, or as a result of failure to pay income taxes or other taxes.Tax liens in… … Wikipedia
choate lien — see lien Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. choate lien … Law dictionary
Mechanic's lien — A mechanic s lien is a security interest in the title to property for the benefit of those who have supplied labor or materials that improve the property. The lien exists for both real property and personal property. In the realm of real property … Wikipedia
choate lien — /kowat liyn/ Lien which is perfected so that nothing more need be done to make it enforcible. Identity of lienor, property subject to lien and amount of lien are all established. Walker v. Paramount Engineering Co., C.A.Mich., 353 F.2d 445, 449;… … Black's law dictionary