A hold or claim that one person has upon the property of another to secure payment of a debt or other obligation. A lien may be voluntary (consensual), as in the case of a deed of trust, financing statement or mortgage; or it may be involuntary (non-consensual), as in the case of a judgment, mechanics’ lien or tax lien. The holder of the lien may enforce the right to payment by foreclosing on the property. See foreclosure and tax sale.
Check out other glossary terms or Send us a Message and we're happy to answer your questions!
© 2023. Reck Agri. All Rights Reserved.