Lien – Simple, Business and Legal Definitions

lien

A documented right to property owned by a debtor and granted to a creditor is referred to as a ‘lien’.  Although relatively a simple definition, it gets much more complicated when used in various contexts.  The word is most commonly used in business and is defined as the right to take property of a borrower when the borrower fails to fulfill their promise to pay the amount borrowed back to the lender.

This content is for Bronze, Silver, One-Time and Contractor’s Diagnostic members only.
Log In Register
Please follow and like us: