ILEC

Schuldner

a person, group, or organization that owes money [? creditor].

Kreditgeber, Geldgeber

a person, bank, or company that you owe money to [? debtor]

A lien is the right to retain the lawful possession of the property of another until the owner fulfills a legal duty to the person holding the property, such as the payment of lawful charges for work done on the property. A mortgage is a common lien. The right of lien generally arises by operation of law. However, in some cases it is created by express contract. There are two kinds of lien such as particular and general.

Liens can be consensual or non-consensual. Consensual liens are imposed by a contract between the creditor and the debtor. Nonconsensual liens arise by statute or by the operation of the common law. Liens are also “perfected” or “unperfected.” Perfected liens are those liens for which a creditor has established a priority right in the encumbered property with respect to third party creditors.

created upon agreement between debtor and creditor.

examples: mortgages and security interests

a result of some sort of judicial proceedings brought by the creditor.

examples: attachement liens, garnishment (Pfändung), judgment liens, execution liens.

created by legislation due to the economic relationsship between the debtor and creditor.

Examples: tax liens, mechanic's liens.

Vorrang, Vorrecht

becomes an issue when the debtor is unable to make payment of his debts when they become due and a group of creditors take action to secure payment on their particular claim.

the law has a system of priorities under which certain creditors are paid before other

creditor who is given priority over other creditors, or has first claim befor others.