Second lien: Difference between revisions
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Latest revision as of 10:52, 21 February 2018
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 second lien is one issued over the same collateral as a first lien.
The holder of the second lien is subordinated to the first lien.
The second lien holder will only be paid after the first lien holder has been paid, and only if there is any money left over.
