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Lien |
Also found in: Medical, Legal, Encyclopedia, Wikipedia, Hutchinson | 0.15 sec. |
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Lien
Lien. A lien exists when you owe money to a lender on a particular vehicle or other asset, such as real estate, that has been used as collateral on a loan. An asset on which there's a lien can't be sold until the lienholder has been repaid. When you own an asset on which there's a lien, you risk having it repossessed if you default and don't make the required payments in full and on time. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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Another option available to the owner is to file a counterclaim against the lienor for willful exaggeration of the lien. For example, if a debtor's sale to an alleged lienor will resolve difficult litigation and eliminate the risks of delay and costs of operating a property to resolve disputes, the court will likely consider those factors in addition to the offer price. If the lienor is successful in proving his lien, the contractor may recover the funds secured by the undertaking. |
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