First Lien


Definition of "First lien"

First right of a party, usually a creditor, to hold, keep possession of, or control the property of another to pay a debt, duty, or obligation.

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Popular Real Estate Terms

Priority

Preference. Precedence. Something given prior attention. Something having a higher level of importance or ranking. Example of when priority a ...

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Lien prior to another lien taking precedence over it. A senior lien may not necessarily be a first lien. ...

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Something coming before. Examples are the year before, first lien on property, and previous owner of property. ...

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Lien which is over and above a first lien. A second lien is subordinate to the first lien and can be satisfied only after the initial lien is satisfi ...

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