A lienholder is the bank, finance company, credit union, other financial institution, or individual with whom you signed an agreement to borrow money using a particular asset, such as a car, as collateral.
As long as there is a balance due on the loan, the lienholder must be repaid before you are free to sell the asset.
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- Collateral, default, Foreclosure, Lien, Loan, Secured loan
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