Specific Lien

Lien
A lien is a legal right or interest that a creditor has in the debtor's property, which lasts until the debt obligation is satisfied. It is a type of encumbrance used to secure the payment of a debt, judgment, mortgage, or taxes.
Specific Lien
A specific lien is a charge or encumbrance against a specific piece of property that secures the payment of a debt tied directly to that property.

Accounting Terms Lexicon

Discover comprehensive accounting definitions and practical insights. Empowering students and professionals with clear and concise explanations for a better understanding of financial terms.