Definition of Lien as a legal term in legal context with images and illustrations for law students or advanced ESL learners with synonyms
/liːn OR ˈliːən/ (noun)
Definition
a legal right to keep possession of another person’s property who is in debt as security until the debtor is able to pay off his debt or the debt is discharged, the security interest created by a mortgage, legal claim on someone else’s property because that person as a debtor owes you some money
Example
A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A lien could be established by a creditor or a legal judgement. A lien serves to guarantee an underlying obligation, such as the repayment of a loan. If the underlying obligation is not satisfied, the creditor may be able to seize the asset that is the subject of the lien. There are many types of liens that are used to secure assets.
Source of example: https://www.investopedia.com/
