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Simple English definitions for legal terms
lien creditor
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A quick definition of lien creditor:
A lien creditor is someone who has a right to take someone else's property if they don't pay back what they owe. This can happen if the creditor has legally attached or seized the property as collateral for the debt.
A more thorough explanation:
Definition: A lien creditor is a creditor who has obtained an interest in a property through attachment, levy, or some other similar means.
Example: If a person owes money to a creditor and fails to pay, the creditor may obtain a lien on the person's property. This means that the creditor has a legal claim on the property and can take possession of it if the debt is not paid. For example, if a person fails to pay their mortgage, the bank may become a lien creditor and foreclose on the property.
Explanation: A lien creditor is a person or entity that has a legal claim on a property due to an unpaid debt. This means that they have the right to take possession of the property and sell it to recover the debt owed to them. The example of a bank foreclosing on a property due to unpaid mortgage payments illustrates how a lien creditor can take possession of a property to recover a debt.