Lien
A Lien is property which is used to secure (obtain) a debt. A mortgage on a building is a type of lien. If you purchase a car or truck for your business, a lien is placed against the value of the asset. Liens are discharged when they are paid off. For example, if assets are sold, the liens for those assets must be paid off. In the example of the car or truck, the lender will not release the title until the lien is paid in full. In most cases, you have the use of the property while it is being paid off, but in some cases, the creditor/lender actually holds the property.
