Definition - What does Lien mean?
In the United States, a lien is the action taken that allows for the physical taking of a person or entity's property in order to pay for a debt that the person or entity owes. Liens can be both voluntary and involuntary depending on the situation that the parties involved have agreed to.
Justipedia explains Lien
Liens are entered into for a number of different reasons. The liens that the majority of people would be familiar with are mortgage liens or car liens. Mortgage liens or car liens are executed when a person does not stay current with the payments due on the mortgage of the car. In these situations, when a person does not make his or her mortgage payment or car payment then whoever then the bank, car dealership, etc. is entitled to take back the home and the car.
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