A primary mortgage is an example of a prior lien. This mortgage will be paid off before any second or third mortgages, or lines of credit. A perfected security interest is also considered a prior lien.
Investment dictionary. Academic. 2012.
Look at other dictionaries:
prior lien — a lien having priority over others attached to the same property. Also called first lien. * * * … Universalium
prior lien — a lien having priority over others attached to the same property. Also called first lien … Useful english dictionary
prior lien — See priority … Ballentine's law dictionary
prior-lien bond — A bond usually arising from reorganization with precedence over another bond of the same issuing company that is equally secured. Bloomberg Financial Dictionary … Financial and business terms
prior lien bond — Fin a bond whose holder has more claim on a debtor’s assets than holders of other types of bonds … The ultimate business dictionary
prior — pri·or / prī ər/ adj 1: earlier in time or order 2: taking precedence (as in importance) a prior lien Merriam Webster’s Dictionary of Law. Merriam Webster. 1996 … Law dictionary
lien — / lēn/ n [Anglo French, bond, obligation, literally, tie, band, from Old French, from Latin ligamen, from ligare to bind]: a charge or encumbrance upon property for the satisfaction of a debt or other duty that is created by agreement of the… … Law dictionary
prior — I /prayar/ The former; earlier; preceding; preferable or preferred II noun The chief of a convent; next in dignity to an abbot III adj Earlier; elder; preceding; superior in rank, right, or time; as, a prior lien, mortgage, or judgment @ prior… … Black's law dictionary
Lien — For other uses, see Lien (disambiguation). Property law … Wikipedia
lien — /liy(a)n/ A claim, encumbrance, or charge on property for payment of some debt, obligation or duty. Sullins v. Sullins, 65 Wash.2d 283, 396 P.2d 886, 888. Qualified right of property which a creditor has in or over specific property of his debtor … Black's law dictionary