Difference between revisions of "Lien"
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| − | A lien is an encumbrance or legal burden upon property. See also [[judicial lien]]. | + | 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]]. | ||
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| + | == See also == | ||
| + | *[[Glossary of Budget Terms]] | ||
| + | *[[Mortgage]] | ||
| + | *[[Accounting]] | ||
| + | *[[Funds]] | ||
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[[Category:Legal Terms]] | [[Category:Legal Terms]] | ||
Latest revision as of 21:39, May 31, 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.