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Simple English definitions for legal terms

lien theory

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A quick definition of lien theory:

Lien theory: This is the idea that a mortgage is like a lien, which means that the lender only has a claim on the property and the borrower still owns it unless the lender forecloses. Most states in America follow this theory. The opposite is title theory, where the lender actually takes legal ownership of the property until the loan is paid off.

A more thorough explanation:

Definition: Lien theory is the idea that a mortgage is like a lien, which means that the lender only has a claim on the property and the borrower still owns the property unless the lender forecloses on it. This theory is adopted by most American states.

Example: Let's say you want to buy a house, but you don't have enough money to pay for it all at once. You can get a mortgage from a bank, which means the bank will lend you the money to buy the house. However, the bank will also have a claim on the house until you pay back the loan. This claim is like a lien, and it means that the bank can foreclose on the house if you don't make your mortgage payments.

This example illustrates how lien theory works in practice. The bank doesn't own the house, but it has a claim on it until the borrower pays back the loan. If the borrower defaults on the loan, the bank can foreclose on the house and take ownership of it.

lien of a covenant | lieutenant

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20:07
I am semi proficient in spanish.
20:08
nice same. This sounds bad but I do not like how spanish sounds.
20:09
or english for that matter
20:09
There is nothing wrong with that. I like all the languages. It is tones that annoy me.
20:10
and fabrics
20:14
@GalenMeric: Sorry, tones is what I meant. Are you a wool fabric fan?
20:40
I think my only wool piece is my suits, and I like those quite a bit.
21:11
Wool is the best fabric
21:12
I only buy wool, denim, leather, and loop wheel cotton
21:31
@NemoPropheta: Im on that polyester, nylon, spandex, rayon, and fleece grind fam
21:32
jk but fr: I was watching how to fold dress shirts so they do not wrinkle, and the dude did his folding on a wool blanket so that the wool fibers grabbed the cotton shirt (like velcro), that is smart asf
21:32
That is smart
21:33
I want a weatherwool blanket
21:33
But I hang my shirts but Ive heard arguments against it
21:34
Generally I fold knitwear and hang everything else
21:35
Cant wait to get that big law money and spend it all on clothes 🙏
21:37
@NemoPropheta: his point was to protect the collar at all costs, therefore fold most shirts. I HATE when collars be acting out, so I will adpot his method: https://www.youtube.com/shorts/QaVKudd36zc?feature=share
21:38
oh fr wearin a suit is so fun t. someone who wears a suit seldomly
21:40
Yeah that makes sense, I do hate when my collar stick out at the sides, I cant figure out how to iron them so they maintain their shape
21:48
collar stays may be the answer. also, shirt stays are goated
21:50
@NemoPropheta: those look so nice, but i feel like one spec of dirt or one crease will ruin ur week, even if the money means nothing?
23:18
Idk I like worm i
23:19
bruh
23:19
I like worn in leather, and dirt is easy enough to clean off*
OrangeThing
23:27
Am I still muted on here
OrangeThing
23:27
Oh I guess not
OrangeThing
23:27
Hello all
f$ll to MarqU baby
Ur-
0:34
@OrangeThing: Welcome back Renard99
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