Difference between revisions of "Lien"
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(New page: A lien is an encumbrance or legal burden upon property. See also judicial lien. category:legal terms) |
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| − | A lien is an encumbrance or legal burden upon property. See also [[judicial lien]]. [[category:legal terms]] | + | A lien is an encumbrance or legal burden upon property. See also [[judicial lien]]. |
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| + | Specifically, a '''lien''' is a charge on specific property that is designed to secure payment of a [[debt]] or performance of an obligation. A [[debtor]] may still be responsible for a [[lien]] after a discharge in [[bankruptcy]]. | ||
| + | [[category:legal terms]] | ||
Revision as of 03:25, November 19, 2007
A lien is an encumbrance or legal burden upon property. See also judicial lien.
Specifically, a lien is a charge on specific property that is designed to secure payment of a debt or performance of an obligation. A debtor may still be responsible for a lien after a discharge in bankruptcy.