Lien
A charge upon property for the satisfaction or discharge of a debt.
A lien is the right available to retailers and service providers
to hold goods that you have brought to them for servicing or repairs, but have failed to pay for
or collect. If, after two months you still have not paid for or collected the goods,
the holder of the goods has the legal right to sell your goods at auction.
Example:
Sam took his stereo to his local appliance store to be repaired. Three months later he
finally got back to the appliance store and found, to his horror, that his stereo had been sold
to pay for the repairs. The appliance store had no luck trying to contact him to pick up the stereo
and pay for the repairs, so they decided to sell it at a local auction to cover the cost of repairs.
