What is LIEN in L&T Service
Adv k . mahesh (advocate) 06 January 2014
The legal right of a creditor to sell the collateral property of a debtor who fails to meet the obligations of a loan contract. A lien exists, for example, when an individual takes out an automobile loan. The lien holder is the bank that grants the loan, and the lien is released when the loan is paid in full. Another type of lien is a mechanic's lien, which can be attached to real property if the property owner fails to pay a contractor for services rendered. If the debtor never pays, the property can be auctioned off to pay the lien holder.
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Sudhir Kumar, Advocate (Advocate) 07 January 2014
incomplete query cannot fetch a better reply. Come with facts.