Lien

A legal claim or attachment, filed on record, against a property. This lien is usually a security for the payment of an obligation. If the collateral property is foreclosed and sold, the proceeds would first go toward fully satisfying the first or priority lien debts, before attempting to repay any secondary liens. Liens can be specific or general, voluntary or involuntary, and contractual, statuary or equitable. For more information, see the "Mortgage Deed and Promissory Note" article in the "Real Estate In-Depth" section.

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