choate lien

Definition of "choate lien"
  1. A lien that becomes enforceable immediately without any further action necessary, clearly specifying the person who holds the lien, the property being held as security, and the total amount of the lien
How to use "choate lien" in a sentence
  1. The bank established a choate lien on the debtor's property in order to secure the outstanding mortgage amount.
  2. In case of default on the loan, the choate lien allows the creditor to take possession of the property.
  3. Due to the existence of the choate lien, the debtor had restrictions on selling the property without paying off the debt.

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