Idaho Code 53-404 – Lien of Partners and Creditors
Current as of: 2023 | Check for updates
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Terms Used In Idaho Code 53-404
- Lien: A claim against real or personal property in satisfaction of a debt.
- Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
- Property: includes both real and personal property. See Idaho Code 73-114
Each member of a mining partnership has a lien on the partnership property for the debts due to the creditors thereof, and for money advanced by him for its use. A lien exists in favor of the creditors notwithstanding there is an agreement among the partners that it must not.