Second lien: Difference between revisions
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imported>Doug Williamson (Create the page. Sources: linked pages.) |
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Revision as of 12:49, 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 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.
