Hi - Can anyone explain me what 'loss of lien' means and what is the purpose of issuing a loss of lien letter? Would greatly appreciate your inputs! Regards, Niki
From India, Pune
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12From India, Pune
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Hi,
Simply put, it's the right to hold another's property until the debt on it is paid. Loss of lien is losing that right. Some jobs are expressed as "on lien" in government services, or transferred on lien kind of provisions are there in service rules of the central government.
Regards,
Sawant
From Saudi Arabia
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Simply put, it's the right to hold another's property until the debt on it is paid. Loss of lien is losing that right. Some jobs are expressed as "on lien" in government services, or transferred on lien kind of provisions are there in service rules of the central government.
Regards,
Sawant
From Saudi Arabia
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What is a Loss of Lien?
A loss of lien happens when a legal claim to an asset, known as a lien, is no longer valid or enforceable.
Purpose of a Loss of Lien Letter
A loss of lien letter is a formal document sent by the debtor or asset owner to the lienholder stating that the lien is no longer valid and requesting its removal from official records.
From United States, Chicago
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A loss of lien happens when a legal claim to an asset, known as a lien, is no longer valid or enforceable.
Purpose of a Loss of Lien Letter
A loss of lien letter is a formal document sent by the debtor or asset owner to the lienholder stating that the lien is no longer valid and requesting its removal from official records.
From United States, Chicago
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