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Simple English definitions for legal terms
lienable
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A quick definition of lienable:
Term: LIENABLE
Definition: Lienable means that a property can be used as a guarantee for a debt. If someone owes money and cannot pay it back, the person they owe money to can put a lien on their property. This means that if the debt is not paid, the property can be taken and sold to pay off the debt.
A more thorough explanation:
Definition: Lienable is an adjective used to describe property that can legally be subject to a lien. This means that the property can be used as collateral to secure a debt or obligation.
Example 1: A homeowner's property is lienable, meaning that if they fail to pay their mortgage, the lender can place a lien on the property and potentially foreclose on it.
Example 2: A contractor may place a lien on a property if they have not been paid for their work. This means that the property is lienable and can be used to secure the debt owed to the contractor.
These examples illustrate how lienable property can be used as collateral to secure a debt or obligation. It is important to note that not all property is lienable, and the laws regarding liens can vary by state or country.