Lien Definition: A lien against a property is a claim that gives the lender the right to repossess an asset as collateral if payments for a property or asset are not made. When a lien is placed against assets, this means they can be collected or repossessed to pay the remainder of the debt owing to them.
There are different types of liens, which are often used for property, cars, or another large asset, which include tax, real estate, and bank liens.
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