CONTRACT AND STATUTORY LIENS IN CALIFORNIA AND THEIR ENFORCEMENT. THE LAW OF ENCUMBRANCES CREATED FOR SECURITY ONLY. (1) NOTE. In the quotation of many code sections, a system of symbols has been used to indicate the changes which the sections have undergone. The portions of the sections which have been altered or added since its enactment are inclosed within markers pointing toward each other, thus, ... .{{; the legislative year in which the alteration was made being inserted in each marker, thus, 99} 99. A letter is also inserted in each marker, thus, 93f}.... f93, to show the nature of the alteration or that an addition was made: "f" indicating a change merely in phraseology; "m," a change in meaning; "n,'' new matter added. In other places brackets are found which inclose the number of a legislative year with the letter "o" or "v" also inclosed, thus, [970], or [73-4v]: "o," indicating that at the session of the legislature indicated there was an omission of substantial matter at that point; and "v" that there was a mere verbal omission. (2) INTRODUCTION. The department of law treated in this book is characterized by the presence of three fundamental facts: (1) the existence of a legal demand in favor of one person against another; (2) the hypothecation of property as security therefor; and (3) the power of the obligee to cause the property to be appropriated to the satisfaction of his demand. The secured demand may be absolute or contingent, liquidated or unliquidated, and may sound in contract or in tort; but in every case the exist ence of a demand in favor of one person against another is essential, and the extinction of this demand by payment, or in any other way known to law, ipso facto terminates the legal relation herein considered. The hypothecation is always of certain specific property. It may be made with the full consent of the owner, as in the case of a mortgage or pledge; or the law may itself hypothecate the property, either because the obligee has performed some service about the property or suffered some detri 1 Mechanic's lien. |