North Dakota Code 35-01-03 – Classification of liens – General – Special – Definition
Current as of: 2023 | Check for updates
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Liens are either general or special:
Terms Used In North Dakota Code 35-01-03
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Property: includes property, real and personal. See North Dakota Code 1-01-49
1. A general lien is one which the holder thereof is entitled to enforce as a security for the performance of all the obligations, or all of a particular class of obligations, which exist in the holder’s favor against the owner of the property.
2. A special lien is one which the holder thereof can enforce only as a security for the performance of a particular act or obligation and of the obligations that may be incidental thereto.