“Lien” is a felony time period pronounced as “lee-en.” It refers to a declare or rate in opposition to a assets as safety for a debt or legal responsibility. For instance, a mechanic’s lien is a felony declare in opposition to a assets for unpaid paintings or fabrics.
Liens are necessary as a result of they provide collectors a solution to protected their claims in opposition to a assets. This may also be particularly necessary in circumstances the place the debtor is not able to pay their money owed. Liens may also be used to give protection to the rights of assets homeowners, as they are able to save you collectors from seizing assets that isn’t matter to the lien.