Statute Of Limitations Of A Lien  

A statute of limitations of a lien has different meanings in different circumstances. Typically, a lien is something a person can hold lawfully until the owner of the lien fulfills his or her duty towards the holding. The lien can be on property, land, or mortgage deals.

A mortgage lien is the most popular kind of lien. It could also mean the payment that has to be cleared for the work done on the property. To describe it in a broad sense, a lien is a property that is charged with an amount as payment or debt. In case the owner of the lien is unable to clear the debt or the payment, the lien can be held or detained from the owner. There are two kinds of lien -- one is a particular lien and the other is a general lien. Liens can be created in three particular ways.

One way of creating a lien is through an expressed contract. The second way of creating a lien is through implied contract where the implications are natural through the laws of trade. The third type of lien can be created legally where the law directs or obligates the party to hold their property as a lien until they clear the cause of the lien.

The statute of limitations of a lien tends to cover only lawsuits. The time period for the expiration of a lien depends on the type of lien. However, statute of limitations of a lien cannot be extended to debt collection or any other form of payment associated with the lien. Therefore, the owner has to settle the said amount even if the statute of limitation has expired.

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Statute Of Limitations Of A Lien

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Tax-Statute-Of-Limitations      The tax statute of limitations is created by the Internal Revenue Services (IRS) for auditing purpose or for tax collection and there is a limit to the time period during which the IRS can take action against a tax defaulter. More..




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