Property lean??? What is ? What is the requirments?
Asked by christina P
My company owes another company 100 thousand dollars! Now they called and said they are filling out the property lean papers. Im scared ima lose my job!!!!!!!!!!

Best Answer:
Lien means the right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property, such as the payment of lawful charges for work done on the property. A mortgage is a common lien. In its widest meaning this term includes every case in which real or personal property is charged with the payment of any debt or duty; every such charge being denominated a lien on the property. In a more limited sense it is defined to be a right of detaining the property of another until some claim be satisfied. Hence when the due is paid , lien gets can celled. Please do not worry about your job .

First, it is spelled lien - a lien is a legal document that gives first priority to the lienholder in teh case of sale of property. For example, if you own a house with a mortgage, the company that holds the mortgage is the lienholder and if you were to sell that house, title could not transfer and no money would exchange hands until teh lien was released, and the lien would not be released until the mortgage holder was paid in full. In the case of your company, the lien will be against the company's property (buildings, equipment cars, etc.). If the company was to fail, the first thing that would be paid is back wages, and then, as the property was sold, the lienholder would be paid. The lien acts as collateral for the debt. While this doesn't mean that your company is going to go out of business, not paying bills is usually a sign that something is wrong.
Answered by Steve D

a property lein is just like a tax lein. It just means that when your company goes to sell their property, before they get any money, the other company will get what is owed them. Has nothing to do with your job.
Answered by Hello?

It means if your company is sold that the buyer/ or owner of your company, must paid your company the money that is owed. Happens offend with homes too.
Answered by broc1212