“Lien” is a prison time period pronounced as “lee-en.” It refers to a declare or fee in opposition to a assets as safety for a debt or legal responsibility. As an example, a mechanic’s lien is a prison declare in opposition to a assets for unpaid paintings or fabrics.
Liens are vital as a result of they offer collectors a option to safe their claims in opposition to a assets. This may also be particularly vital in instances the place the debtor is not able to pay their money owed. Liens can be used to offer protection to the rights of assets house owners, as they are able to save you collectors from seizing assets that isn’t matter to the lien.
