A lien is a registered legal claim on personal property as security for a debt.
Liens are filed in the Personal Property Registry against motor vehicles, boats, outboard motors, trailers, aircraft and manufactured homes. Each type of lien has legislation that governs the filing in the registry. The legislation prescribes the conditions that must be met before the lien can be filed.
Anyone intending to lend money (Secured Party) to an individual or business (Debtor) can secure their loan by registering a lien against the debtor's personal property. Liens can be registered for any length of time and provides the lender with collateral to secure payment of the debt.
Add $5.00 for each additional year registered.
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