Definition:

A lien is a charge against assets such as property, land, or other valuables making it security for the payment of a debt, judgement, mortgage or taxes.

definition of lien

Example:

Mark wants to make some improvements to a home he recently acquired, but he needs a loan to make these improvements. Mark gets a loan from a lender who created a lien on the property as security (collateral) for the payment of the debt.

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