business law

Lian is a right to keep possession of property belonging to another person until a debt owed by that person is discharged.

This is a kind of charge on moveable property towards securing a debt.

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A lien provides a creditor with the legal right to seize and sell the collateral property or asset of a borrower who fails to meet the obligations of a loan or contract. The property that is the subject of a lien cannot be sold by the owner without the consent of the lien holder.

Of the three types of liens (consensual, statutory and judgment,) the judgment lien is the most dangerous form, but one which the informed business owner may be able to eliminate. A judicial lien is created when a court grants a creditor an interest in the debtor's property, after a court judgment.

 A lien is usually a formal document signed by the party to whom money is owed and sometimes by the debtor who agrees to the amount due.

lien. n. any official claim or charge against property or funds for payment of a debt or an amount owed for services rendered

A lien can help a creditor recover money when a borrower stops paying a bill. The purpose of a lien is to give your creditor a stake in your property until you pay off a debt. It's a “… charge against or interest in property to secure payment of a debt or performance of an obligation