Page:United States Statutes at Large Volume 76A.djvu/320

–224– -224§ 3962. General or special liens Liens are either general or special. § 3963. Definition of general lien A general lien is one which the holder thereof may enforce as a security for the performance of all the obligations, or all of a particular class of obligations, which exist in his favor against the owner of the property. § 3964. Definition of special lien A special lien is one which the holder thereof may enforce only as security for the performance of a particular act or obligation, and of such obligations as may be incidental thereto. § 3965. Satisfaction of prior lien by holder of special lien Where the holder of a special lien is compelled 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. § 3966. Contracts governed by this chapter Contracts of mortgage and pledge are subject to all the provisions of this chapter. Subchapter II—Creation of Liens § 3991. Manner of creation A lien is created: (1) by contract of the parties; or (2) by operation of law. § 3992. No lien for claim not due A lien does not arise by mere operation of law until the time at which the act to be secured thereby ought to be performed. § 3993. Lien on future interest An agreement may be made to create a lien upon property not yet acquired by the party agreeing to give the lien, or not yet in existence. In such a 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 the interest. § 3994. Obligations not in existence when lien created A lien may be created by contract, to take immediate effect, as security for the performance of obligations not then in existence. Subchapter III—Effect of Liens § 4011. Title not transferred by lien Notwithstanding an agreement to the contrary, a lien or a contract for a lien, does not transfer any title to the property subject to the lien. § 4012. Certain contracts void All contracts for the forfeiture 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. § 4013. Creation as not implsdng personal obligation The creation of a lien does not of itself imply that any person is bound to perform the act for which the lien is a security. § 4014. Lien as security for other obligations The existence of a lien upon property does not of itself entitle the person in whose favor it exists to a lien upon the same property for

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