LIEN
Creditor’s legal right of ownership to take possession or sell the collateral property of debtor who failed to meet the obligations specified in a loan contract. This is usually seen in an automobile loan. The bank, who is the lien holder, grants the loan. The institution will release the lien once it is fully paid. Another type of lien is a mechanic’s lien that pertains to a real property, if the owner failed to fulfill its obligations to the contractor for the services he rendered. If the debtor never paid, the collateral property may be auctioned in order to pay the lien holder.
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