The New International Encyclopædia/Vendor's Lien

VENDOR'S LIEN. In the law of real property, an iniplieJ lien of a vendor of land for the unpaid purchase price, or any balance thereof. It is of equitable origin, and is available against subsequent purchasers and incumljrances with notice. The most effective way of giving notice to the public is to begin an action in equity to enforce the lien, and at the same time file a Us pendens against the property. It does not actually become a specific lien against the property until its existence and validity is established by the decree of a court. This lien may be waived by taking security on which a third person is liable, but not by" merely taking a note or other obligation of the vendee alone. In code, States the common method of enforcing a vendor's claim for unpaid purchase money is by a single action in equity to enforce the lien and incidentally to recover "the amount due. In the law, of sales of personal property the term is employed to denote the right of a seller of goods and chattels to retain possession thereof until the purchase price is paid, where no credit is given. See STOPPAGE IN Tr.>'situ; Lien; Sale.