Page:United States Statutes at Large Volume 47 Part 1.djvu/1321

 72d CONGRESS. SESS. II. CH. 128 . FEBRUARY 27, 1933 . SEC. 1311 . GENERAL LIEN, WHAT .-A general lien is one which the holder thereof is entitled to enforce as a security for the perform- ance of all the obligations, or all of a particular class of obligations, which exist in his favor against the owner of the property. CRoss REFERENCES Banker, see section 139 7. Post, p. 1307. Factors, lien, see section 1396. Post, p. 1307. Lien for services, see sec tion 1393. Post, p. 1306. SEC. 1312 . SPE CIAL L IEN, WHAT-A l spe cial l ien i s one which the holder thereof can enforce only as security for the performance of a particular act or obligation, and of such obligations as may be incidental thereto. Cross REFERENCES Mortgage is a special lien unless otherwise agreed, see section 1336. Rights where prior lien discharged, see section 1313 . Special lien of officer levying attachment on execution, see section 1398. Special lien on personalty for services, see section 1393. Special lien of seller of personalty, see sections 649 et seq. SEC. 1313. PRIOR LIENS .-Where the holder of a special lien is com- pelled to satisfy a prior lien for his own protection, he may enforce payment of the amount so paid by him, as a part of the claim for which his own lien exists. SEC. 1314. CONTRACTS SUBJECT TO PROVISIONS OF THIS CHAPTER .- Contracts of mortgage and pledge are subject to all the provisions of this chapter. CREATION OF LIENS SEC. 1315. LIEN, HOW CREATED .-A lien is created 1. By contract of the parties ; o r 2. By operation of law. SEC. 1316. NO LIEN FOR CLAIM NOT DUE .-NO lien arises by mere due . lien for claim not o operation of law until the time at which the act to be secured thereby ught to be ~p y,.erformed. SEC. 1317 . LIEN ON FUTURE INTEREST .-An agreement may be made Lien on future inter- to create a lien upon property not yet acquired by the party agreeing to give the lien, or not yet in existence. In such case the lien agreed for attaches from the time when the party agreeing to give it acquires an interest in the thing, to the extent of such interest. SEC. 1318. LI EN MAY BE CREATED BY CONTRACT .-A lien may be created by contract, to take immediate effect, as security for the performance of obligations not then in existence. EFFECT OF LIENS SEC. 1319 . LIEN, OR CONTRACT FOR LIEN, TRANSFERS NO TITLE. -Not- withstanding an agreement to the contrary, a lien, or a contract for a lien, transfers no title to the property subj ect to the lien. Cr oss REFERENCE Mortgage gives no right to possession, see section 1340. Special lien. Post, p. 1300. Post, p. 1307. Post, p. 1306. Ante, p. 1215. Prior liens. Mortgages and pledges subject to pro- vis ions her ein. Creation of liens. How created. 1297 Gene ral lien. Creation by contract. Effect of. No title transferred. Post, p. 1300. SEC. 1320. CERTAIN CONTRACTS VOID .-All contracts for the forfeiture voc l ertam contracts of property subject to a lien, in satisfaction of the obligation secured thereby, and all contracts in restraint of the right of redemption from a lien, are void. 3051ƒ-33	82