lien
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About Our Definitions: All forms of a word (noun, verb, etc.) are now displayed on one page.lien
noun \ˈlēn, ˈlē-ən\Definition of LIEN
1
: a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law
2
: the security interest created by a mortgage
See Origin of LIEN
Anglo-French lien, loyen bond, restraint, from Latin ligamen, from ligare to bind — more at ligature
First Known Use: 1531
Other Economics Terms
li·en
noun \ˈlī-ən, ˈlī-ˌen\ (Medical Dictionary)lien
noun (Concise Encyclopedia)In law, a charge or encumbrance on property for the satisfaction of a debt or other duty. Common law developed two kinds of possessory lien: the specific (a lien on the specific property involved in a transaction) and the general (a lien for the satisfaction of a balance due, not confined to a specific property involved in a transaction). Courts of equity may, through the device of the equitable lien, recognize a creditor's interest in a debtor's property. Statutory liens are also available; developers and building contractors, for example, may use their interest in an improved site as security for payment (a mechanic's lien).
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