Difference between revisions of "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]]. | 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]]. | ||
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Revision as of 20:55, April 23, 2008
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.