lien

(redirected from Floating lien)
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Synonyms for lien

the right to take another's property if an obligation is not discharged

a large dark-red oval organ on the left side of the body between the stomach and the diaphragm

References in periodicals archive ?
Part IV compares American floating liens with English floating charges in the same manner.
We conclude that the English floating charge is sufficiently effective in those competitions that it is the functional equivalent of an American floating lien.
The Bankruptcy Court stated that reclamation rights are not self-executing and that Paramount had sat on its rights by failing to take the following actions to enforce its reclamation rights: (1) failing to seek relief from the bankruptcy automatic stay to enforce Paramount's rights in the goods that were subject to its reclamation demand; (2) failing to object to the proposed DIP financing that granted the secured party a floating lien on inventory, including Paramount's goods; and (3) failing to object to Circuit City's motion seeking approval of going out of business sales, which clearly included the liquidation of the goods subject to Paramount's reclamation claim.
Other vendors had failed to satisfy UCC Article 9's requirements for a purchase money security interest that would have otherwise granted them priority over Whitehall's secured lenders with a floating lien in all of Whitehall's inventory.
That means creditors, secured by a floating lien in the debtor's inventory, have priority over the rights of a reclaiming setter.
However, court decisions that deny reclamation relief, based on the superior priority status of the buyer's floating lien inventory secured lender, are undermining reclamation as a remedy for trade creditors.
Otherwise, the consignee would be behind the prior perfected floating lien secured creditor.
The lenders' claims were secured by a floating lien in all of Dairy Mart's inventory, including goods subject to trade creditors' reclamation claims.