What Does Lien Mean?
Answer:
Lien can be described as the right to take over the possession of the property belonging to someone if the obligation is not honoured. In other words, it means the right to transport ownership or dispose off the property of a debtor as payment or security for a debt. In the financial parlance, it is the creditor's or the bank's right to get rid of the property in mortgage or any such collateral of the person, who fails to be paid a payment or honour the obligations of the loan contract. For instance, a mortgage lender has a lien, or the right to foreclose and cart ownership or sell off the property, in shield the debtor is not able to make the payment for the mortgage loan
Liens can be of the consensual or non-consensual disposition. In the consensual type of lien, there is a contract between the creditor and the debtor, for example, a mortgage contract. Non-consensual lien comes into existence by the operation of the common law or a statute, for example, tax-liens, attorney liens, verdict liens, maritime liens etc.
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