release of lien

  

Definition

Agreement between a lender and a borrower under which the lender (lien holder) releases the mortgaged asset or property, although the debt obligation remains in force.

Use release of lien in a sentence

  • They had a release of lien together, which meant they had an agreement and the lender would release the mortgaged assets.

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  • Luckily, my finance company agreed to give me a release of lien so I can sell the house more quickly.

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  • Starchild petitioned his bank for a release of lien on his ship, due to its absolute destruction via unregulated laser weapons.

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