A lien is a legal claim or security interest that a creditor has over a debtor's property or assets, typically to secure payment of a debt or fulfillment of some other obligation. It gives the creditor the right to retain possession of the property or, in many cases, to seize and sell the property if the debtor fails to meet their obligations

. Key points about liens include:

• Purpose: Liens serve as a guarantee that a debt or obligation will be satisfied. If the debtor does not pay, the lienholder can take legal action to recover what is owed by seizing or selling the property subject to the lien

• Types: Liens can be voluntary (agreed upon by the debtor, such as a mortgage lien) or involuntary (imposed without the debtor’s consent, often through court judgment or tax authorities)

• Scope: Liens can apply to real property (like a house) or personal property (such as a car or furniture). For example, a mortgage lien is a specific lien on a home, while a tax lien might be a general lien that can attach to multiple properties owned by the debtor

• Effect: While a lien is in place, the property owner typically cannot sell or transfer the property without resolving the lien or obtaining the lienholder’s consent

• Priority: There can be multiple liens on the same property. A first lien has priority over second or junior liens, meaning the first lienholder gets paid first if the property is sold to satisfy debts

In summary, a lien is a legal right or claim against property to secure the payment of a debt, allowing creditors to hold or potentially sell the property if the debtor does not fulfill their financial obligations