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Business Term to Know: Lien

A lien allows one person to legally claim a property owned by someone else in an effort to receive payment on a specific debt. The law was created in order to assist creditors with securing payment. Creditors, or anyone owed a payment, can legally have a lien placed upon someone’s property like a car or house. The person who claims the lien can retain the property, but is not able to sell it.

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