lien
Pronunciation: [liːən]
Word
Context: “legal”
(noun) a legal right that a lender has over a borrower's property until the debt is repaid. This means if someone owes money, the lender can claim the property if the borrower doesn't pay.
Example
The bank placed a lien on the house because they hadn't received the mortgage payment.
Example
She was relieved that there was no lien on her property, so she could sell it without any issues.
Example
Do you know if there is a lien on your car?
Context: “finance”
(noun) a claim against assets to secure payment or fulfillment of an obligation. This is often used in business, like when someone can claim a part of a company’s assets if money is owed.
Example
The contractor filed a lien against the business for unpaid services.
Example
There is currently no lien against the company's assets, allowing for a smooth sale.
Example
What happens if a lien is placed against the business?
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