Asked by Taylor Marler on Apr 30, 2024
Verified
When a creditor, through legal action, seizes a debtor's property to satisfy the debt, the creditor has a judicial lien.
Judicial Lien
A court order that allows a creditor to satisfy a debt by seizing the property of the debtor.
Creditor
An entity (person or institution) that lends money or extends credit to another party, expecting to be repaid in the future.
Legal Action
A formal proceeding taken in a court of law to enforce or defend a right or seek a remedy.
- Get to know the rudimentary details of different types of liens and how they are constituted.
Verified Answer
IW
Inser WandlkowskiMay 01, 2024
Final Answer :
True
Explanation :
A judicial lien is obtained through court action that allows a creditor to take possession of a debtor's property as a means of satisfying the debt owed.
Learning Objectives
- Get to know the rudimentary details of different types of liens and how they are constituted.