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Whats lien meaning?

A lien is a claim or legal right against assets that are typically used as collateral to satisfy a debt. A creditor or a legal judgment could establish a lien. A lien serves to guarantee an underlying obligation, such as the repayment of a loan.

How can I get a lien removed in Georgia?

Contact the lender holding the Lien to electronically release the title. The Department will not release a lien or security interest that is electronically recorded.

What is a lien in debt?

A lien is a legal right or claim against any type of property that can be used as collateral to ensure the repayment of a debt. Liens give the creditor the right to sell the borrowers property if they fail to repay the debt they owe.

What is an example of lien?

A lien is often granted when an individual takes out a loan from a bank to purchase an asset. For example, if an individual purchases a vehicle, the seller would be paid using the borrowed funds from the bank. In turn, the bank would be granted a lien on the vehicle.

What is lien used for?

Liens are commonly used by banks, contractors and courts to ensure that property owners pay valid debts. When someone has a lien, they hold a legal claim against a piece of property. Liens are important because they can prevent property owners from borrowing against or selling their property.

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