Lien amount Meaning and Definition
Lien Amount
Pronunciation
Part of Speech
Noun
Definition
A sum of money owed to a creditor, such as a bank or government agency, as security for a loan or debt, and which is only paid off when the loan or debt is satisfied or repaid.
Etymology
The term “lien” comes from the Old French “lien,” meaning “bond” or ” tie,” and has been used in English since the 15th century to describe a claim or charge on property.
Usage Notes
Lien amounts are often used in commercial contexts, such as in business loans or mortgages, and are typically recorded on a property deed or title.
In some countries, lien amounts may be used in a different way, such as to secure a tax debt or child support payment.
Cultural References
The concept of lien amounts has been featured in various films and TV shows, such as the movie “The Wolf of Wall Street” and the TV series “Shark Tank.”
Idiomatic Expressions or Phrases
“In lien of” or “under lien” are common idiomatic expressions used to describe a situation where a property is being held as security for a loan or debt.
Related Words or Phrases
- Security interest
- Collateral
- Mortgage
Collocations
- Lien amount and loan
- Lien amount and property
- Lien amount and creditor
Frequency of Use
Lien amounts are commonly used in business and financial contexts, but the term itself is not frequently used in everyday conversation.
Common Misspellings
- Liana amount
- Lein amount
- Line amount