Lien – The right to keep possession of property belonging to another person until a debt owed by that person is discharge.

It is a form of security interest or sometimes called surety bond granted over an item of property to secure the payment over a debt. A creditor or a bank has the right to sell the mortgaged or collateral property of those who fail to meet the obligations of a loan contract. It is typically enforced by banking and finance state law.

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Related ChexSystems Banking Information:

1. Mortgage
2. Garnishment
3. Loan Origination
4. Deposit
5. Minimum Payment

Tagged as: lien, possession of property, security interest, surety bond