Lien
A legal claim or charge on property as security for the payment of a debt or obligation. Common types include mortgage liens, tax liens, and mechanic's liens.
Encyclopedia entry: Lien
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lien
A lien is a security interest or legal right acquired in one's property by a creditor , or lienholder. A lien usually prevents sale of the property until the underlying obligation to the creditor is satisfied. If the underlying obligation is not satisfied, the creditor may be able to take possession of the property involved.
The major categories of liens are as follows: agricultural lien , common law lien , statutory lien , contractual lien , maritime lien , legal lien , and equitable lien .
Within these categories, many liens have specific names that usually stem from the type of creditor involved. See, e.g., artisan's lien , carrier's lien , floating lien , mechanic's lien , storage lien , and tax lien .
[Last reviewed in July of 2023 by the Wex Definitions Team
]
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Encyclopedia content from Cornell LII Wex (CC-BY-NC-SA 2.5).
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This is legal information, not legal advice. Laws vary by jurisdiction and change frequently. Always verify current law with official sources and consult a licensed attorney in your jurisdiction for advice on your specific situation.