Custom Cabinets & Carpentry Company has a claim against Duane's property to satisfy a debt that takes priority over other claims against the same property. This is
A) a lien.
B) a violation of most state laws.
C) a composition agreement.
D) a contract of suretyship.

Question

Custom Cabinets & Carpentry Company has a claim against Duane's property to satisfy a debt that takes priority over other claims against the same property. This is​
A) a lien.​
B) ​a violation of most state laws.
C) ​a composition agreement.
D) ​a contract of suretyship.

Quizplus · Accepted Answer

This situation describes a lien, which is a legal claim against a property as security for payment of a debt. The lien gives the creditor the right to sell the property if the debt is not paid, and takes priority over other claims against the same property.

Custom Cabinets & Carpentry Company Has a Claim Against Duane's