Perfected First Lien: A first attachment on an asset that is duly recorded with the relevant government body so that the lender will be able to act on it should the borrower default.

 

Related Words

Perfected First Lien: A first attachment on an asset that is duly recorded with the relevant government body so that the lender will be able to act on it should the borrower default.

Last In, First Out (LIFO): A method of inventory valuation whereby the goods most recently purchased or manufactured are considered the first ones sold. In periods of rising prices, the LIFO method shows a lower profi . . . View Full Definition

Junior Lien-Mortgage: An obligation, such as a second mortgage, that is subordinate in right or lien priority to an existing lien (senior loan) on the same real estate.

Judgment Lien: A general lien on the property of a judgment debtor, giving the holder of the judgment a right to levy the property to satisfy the debt.

Irs Tax Lien: A federal tax lien, or Internal Revenue Service (IRS) tax lien, results from a persons failure to pay any portion of federal taxes, such as income and withholding taxes. A federal tax lien i . . . View Full Definition

Leverage Clientele: A group of shareholders who, because of their personal leverage, seek to invest in corporations that maintain a compatible degree of corporate leverage.

Lien Waiver: Documents signed by subcontractors and suppliers, indicating they have received payment in full.

Lien Theory: Some states interpret a mortgage as being purely a lien on real property. The mortgagee thus has no right of possession but must foreclose the lien and sell the property if the mortgagor defaults.

Lien: A claim (legal interest) against a home. Common types of liens include a mortgage, tax lien or judgment lien.

Involuntary Lien: A lien placed on property without the consent of the property owner.