Lienor Definition and Legal Meaning
On this page, you'll find the legal definition and meaning of Lienor, written in plain English, along with examples of how it is used.
What is Lienor?
(n) Lienor is the person holding or otherwise in custody or control of an article or property, rights etc, to use them for recovering the amount payable to him by the owner of such assets, property or rights. Eg. Attorney is a Lienor , on the compensation receivable by his client , for his unpaid bills
History and Meaning of Lienor
A lienor is a person or entity that holds a lien or a legal claim on a property or asset due to unpaid debts or an outstanding obligation. This term has its roots in the Old French word "lien," meaning bond or obligation. The lienor has the right to retain possession of the property or asset until the outstanding debt has been paid in full.
In modern legal terms, a lienor can be a financial institution, a contractor, a subcontractor, or an individual creditor who has a legal right to a property or asset. The lien provides security to the lienor, giving them the right to foreclose on the property or seize the asset in the event that the debt remains unpaid.
Examples of Lienor
- A mortgage lender may be a lienor on a house or property, with the lien securing the debt owed on the mortgage.
- A mechanic who has repaired a car and has not been paid for their services may be a lienor on the car they’ve serviced.
- A supplier of building materials who hasn't been paid can claim a mechanic's lien against the property or building where the materials were used as a lienor.
Legal Terms Similar to Lienor
- Lien- The right to retain property due to an outstanding obligation or debt.
- Creditor - A person or entity that is owed money.
- Debtor - A person or entity that owes money to a creditor.