Page:United States Statutes at Large Volume 76A.djvu/319

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-223§ 3927. Letter as continuing guaranty in certain cases If the parties to a letter of credit appear, by its terms, to contemplate a course of future dealing between the parties, it is not exhausted by giving a credit, even to the amount limited by the letter, which is subsequently reduced or satisfied by payments made by the debtor, but is to be deemed a continuing guaranty. § 3928. Notice to writer of letter The writer of a letter of credit is liable for credit given upon it without notice to him, unless its terms express or imply the necessity of giving notice. § 3929. Agreement of credit with terms of letter If a letter of credit prescribes the persons by whomj or the mode in which, the credit is to be given, or the term of credit, or limits the amount thereof, the writer is not bound except for transactions which, in these respects, conform strictly to the terms of the letter. CHAPTER 97—LIENS IN GENERAL SUBCHAPTER 1—OENERAL PROVISIONS

Sec. 3961. 3962. 3963. 3964. 3965. 3966.

Definition of lien. General or special liens. Definition of general lien. Definition of special lien. Satisfaction of prior lien by holder of special lien. Contracts governed by this chapter. SUBCHAPTER 11

3991. 3992. 3993. 3994.

CREATION OF LIENS

Manner of creation. No lien for claim not due. Lien on future interest. Obligations not in existence when lien created. SUBCHAPTER HI—EFFECT OF LIENS

4011. 4012. 4013. 4014. 4016.

Title not transferred by lien. Certain contracts void. Creation as not implying personal obligation. lien as security for other obligations. Compensation of holder of lien. SUBCHAPTER IV—^PRIORITY OF LIENS

4031. Time of creation as controlling; exception. 4032. Marshaling liens. SXraCHAPTER V—^REDEMPTION FROM LIENS

4061. Right to redeem; subrogation. 4062. Rights of inferior lienor. 4053. Procedure for redemption from lien. SUBCHAPTER VI—^EXTINCTION OF LIBNS

4071. 4072. 4073. 4074. 4075.

Lien as accessory to act whose performance it secures. EiXtlnction by sale or conversion. Extinction under statute of limitations. Partial performance. Restoration of property as extinguishing lien dependent upon possession.

Subchapter I—General Provisions § 3961. Definition of lien A lien is a charge imposed in a mode other than by a transfer in trust upon specific property by which it is made security for the performance of an act.