lien

lien　留置权，扣押权　

Creditor’s conditional right of ownership（called security interest）against a debtor’s asset or property that prevents its sale or transfer without paying off the creditor.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 the contract 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 losing defendant.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 a real property）must be properly registered to be valid and enforceable.In case of a default，the party holding the lien（called lienholder or lienor）generally does not except in the case of a special lien have an automatautomatic right to seize and sell the asset or property，but must obtain a foreclosure order after giving a reasonable notice to the debtor or obligor（called lienee）.