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equitable lien |
Also found in: Financial | 0.12 sec. |
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equitable lien n. a lien on property imposed by a court in order to achieve fairness, particularly when someone has possession of property which he/she holds for another. (See: equity, constructive trust, lien) How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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The district court held that, under Vermont law, a contingent fee agreement between taxpayer and attorney gives rise to an equitable lien in favor of the attorney on the taxpayer's recovery, effecting a transfer to the attorney of a proprietary interest in the taxpayer's claim under Est. In this case, state (Vermont)law provides, "[w]here the parties have contracted that the attorney shall receive a specified amount of the recovered fund, such agreement will create an equitable lien on the fund in favor of the attorney to the extent of the amount stipulated" (Est. The Cotnam court reasoned that Alabama law granted the attorney an equitable lien that operated as a transfer of that portion of the award to the lawyer. |
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