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TERM OF THE DAY lien Creditor's conditional right of ownership (called security interest) against adebtor's asset or property that bars its sale or transfer without paying off thecreditor. In a contractual arrangement, a lien is the right of a contracting-party to take possession of a specific asset of the other contracting party, in case thecontract is not performed according to its terms. A mortgage agreement is a lien on the mortgaged property and a bond is a lien on the bond issuer's assets. Liens are also granted by the courts to satisfy a judgment against a losingdefendant. All liens are for a limited period (which varies with the jurisdiction),apply only to the asset or property that forms part of an express or implied contract, and (if attached to ... Learn more about this term Usage Example Federal tax liens have precedence over all other claims and occurs when a taxpayer is unable to make payments on a property and becomes delinquent