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The experience of disintermediation in the banking industry illustrates that
Lien
A claim that one has against the property of another.
Warranty of Title
A legal guarantee provided by a seller to a buyer that the seller has the right to sell the property in question and that it is not encumbered by any undisclosed liens or claims.
Repossess
The act of taking back possession of property, typically by a seller or lender from a buyer due to lack of payment.
Rejection of Goods
The act of refusing to accept delivery of goods because they are defective, do not meet the specifications, or are otherwise not in conformity with the contract terms.
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