Legal Dictionary
Lien
A lien is a legal claim or right that a creditor has over a property or asset of a debtor as security for the repayment of a debt or obligation.
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Frequently Asked Questions
What is the purpose of a lien?
A lien serves as a legal mechanism to ensure that a creditor has a right to the debtor's property or asset in the event of nonpayment or default.
How does a lien affect the debtor?
A lien can restrict the debtor's ability to sell or transfer the property or asset that is subject to the lien until the debt or obligation is satisfied.