What is a lien?

A lien is a legal tool used in Oregon’s creditors’ rights law. It gives a creditor the right to take possession of a debtor’s property—usually real estate—in order to secure repayment of a debt. The lien gives the creditor the option to seize and sell the property in order to recuperate some or all of the debt owed. A lien is granted through a court order after the creditor has obtained a judgment in their favor. The creditor must then record the lien with the specific county or city government, depending on where the property is located. This grants the lien priority over any other liens on the property. Once in place, the lien acts as security for the debt, and is not released until the debt is fully paid. In addition to real estate, a lien can sometimes be placed on personal property, such as cars, boats, or other valuable items. It’s important to note, though, that the lien holder cannot seize the property without the permission of the court. In general, liens are an effective way for creditors to secure repayment of debts. By understanding Oregon’s creditors’ rights law and the process of obtaining a lien, creditors can ensure that they receive what they’re due in a timely manner.

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What is a lien?

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