Legal Definition and Related Resources of Equitable Lien
Meaning of Equitable Lien
A right of a special nature over a thing which constitutes a charge or encumbrance on the thing, so that the very thing itself may be proceeded against in an equitable action . Farmers and Merchants Bank v Commissioner, (C.A.8) 175 F.2d846. The subject matter of the thing may either be sold or sequestered under judicial decree , and its proceeds in one case, or its rents and profits in the other , applied on demand of creditor in whose favor the lien exists. Dasher v Bruno, 126 N.E.2d 404, 5 III. App.2d 500. In the last mentioned case, it was held that the plaintiff who sold stocks in a corporation to the defendant for a sum of money paid over in installments had an equitable lien on the stocks for the unpaid purchase money.
Equitable Lien Alternative Definition
One which a court of chancery recognizes, as distinct from strictly legal rights. 99 111. App. 243. A lien such as exists in equity, and of which courts of equity alone take cognizance. 114 111. App. 564.
Related Entries of Equitable Lien in the Encyclopedia of Law Project
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Equitable Lien in Historical Law
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| Equitable Lien in the Dictionary | Equitable Lien in our legal dictionaries | Browse the Legal Thesaurus | Find synonyms and related words of Equitable Lien |
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| Related topics | Equitable Lien in the World Encyclopedia of Law |
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This definition of Equitable Lien is based on the The Cyclopedic Law Dictionary . This entry needs to be proofread.
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Concept of Equitable Lien in the context of Real Property
A short definition of Equitable Lien: A lien enforceable in a court of equity, based on evidence of an intent between debtor and creditor to create a lien on specific property of the debtor, but a failure to legally create said lien.
Concept of Equitable Lien in the context of Real Property
A short definition of Equitable Lien: A lien enforceable in a court of equity, based on evidence of an intent between debtor and creditor to create a lien on specific property of the debtor, but a failure to legally create said lien.
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