voluntary lien

Definition of "voluntary lien"
  1. A lien arranged with the willing agreement of the person in debt
How to use "voluntary lien" in a sentence
  1. The homeowner took out a voluntary lien on his property to secure the loan.
  2. A mortgage is an example of a voluntary lien where the borrower agrees to the lien in return for the loan.
  3. The bank enforced the terms of the voluntary lien when they failed to repay the debt.
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