Lien
When a creditor or bank has the right to sell the mortgaged or collateral property of those who fail to meet the obligations of a loan contract. Investopedia Says:
This is typically enforced under provincial or state laws. Related Terms:
Bi-monthly Mortgage
Blanket Lien
Bridge Loan
Collateral
Creditor
Encumbrance
Liquidation
Second Lien Debt |