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.

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