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IVA Glossary
L
Lien
The term has two definitions: one of them general and one of them legal. The general definition of lien means the right to take someone's property if some obligation or obligations are not discharged. In legal terms the other definition is quite close to the previous one: a lien is a form of security interest granted over an item of property. This happens in order to secure the payment of a certain debt in most cases. Property in this case can mean assets or any kind of documents, and these assets and documents can be retained until the debt in question is settled.
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