A lien is the legal right to take and hold property or to sell it in the event the borrower defaults on the loan.

Name: A lien is the legal right to take and hold property or to sell it in the event the borrower defaults on the loan.
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Question

Quizplus · Accepted Answer

This is correct. A lien is a legal claim or right that a creditor has over a borrower's property until the debt is repaid in full. If the borrower defaults on the loan, the creditor can seize or sell the property to satisfy the debt.

A Lien Is the Legal Right to Take and Hold