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