possessory lien
Definition
Claim that is generally enforceable only if the lienor has the lienee's goods or property in possession. Liens such as agent's, artisan's, banker's, and carrier's, are examples of the possessory lien. However, unless it is a special lien, the lienor does not have an automatic right to sell the lienee's goods or property and must follow the prescribed foreclosure-procedure. See also equitable lien.
possessory lien is in the Agreements & Contracts, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
possessory lien appears in the definitions of the following terms: equitable lien and banker's lien
This content can be found on the following page:
http://www.businessdictionary.com/definition/possessory-lien.html
email to a friend
print this definition
cite this definition
link to this page
