Most Liens Have Little Practical Use, Because Liens Generally Do

question 36

True/False

Most liens have little practical use, because liens generally do not take priority over other claims to the same property.

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Definitions:

Principal's Identity

Information that discloses or specifies who the principal (the party for whom an agent acts) is in an agency relationship.

Legal Capacity

The ability of an individual or entity to enter into legally binding contracts, including the ability to sue and be sued, own property, and engage in other legal activities.

Unauthorized Acts

Actions taken by an individual or entity without legal or official approval, which may be illegal or against regulatory standards.

Undisclosed Principal

In agency law, a principal whom a third party lacks knowledge or the reason to know the principal’s existence and identity.