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    3. general lien»

    Definition of general lien

    Dictionary of Banking Terms: general lien
    general lien

    lien against a borrower's personal assets, as opposed to a claim against real property. The lender may use the lien to seize property in satisfaction of a debt, including assets not specifically covered by the obligation.

    Dictionary of Business Terms: general lien
    general lien

    lien that includes all the property owned by the debtor, rather than a specific property.

    Dictionary of Finance and Investment Terms: general lien
    general lien

    lien against an individual that excludes real property. The lien carries the right to seize personal property to satisfy a debt. The property seized need not be the property that gave rise to the debt.

    Dictionary of Real Estate Terms: general lien
    general lien

    a lien that includes all of the property owned by the debtor, rather than a specific property.

    Example: Abel failed to pay 3 months of rent and moved out. Baker, the landlord, obtained a general lien against Abel by going to secure a judgment against Abel. If Abel doesn't pay the back rent, Baker will apply for a specific lien against Abel's furniture and then have it sold.

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