An Artisan's Lien Is Effective Only If a Creditor Possesses

question 4

True/False

An artisan's lien is effective only if a creditor possesses the property subject to the lien.

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Definitions:

Legal Capacity

Refers to the ability of an individual or entity to enter into legally binding contracts, recognizing their rights and responsibilities.

Testamentary Trust

A trust that is created by a will and comes into effect upon the death of the person who created the will, distributing assets according to the will's provisions.

Inter Vivos Trust

A trust created during the lifetime of the grantor, allowing for the management and distribution of assets before death.

Spendthrift Trust

A legal arrangement that restricts the beneficiary's ability to access the trust capital directly, thus protecting the trust assets from creditors.