First lien: Difference between revisions
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imported>Doug Williamson (Create the page. Sources: linked pages.) |
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Revision as of 12:46, 30 October 2016
A lien is a legal right to hold the property of another party or to have it sold or applied in payment of a claim.
A first lien places the lien holder first in line to collect payment from the sale of the collateral in the event of a default on the debt.