Background and Context........................................................................................................... 3. B. Purpose of this Guidance .......................................................................................................... 4. C. Target Audience, Status and Content of the Guidance ............................................................ 5. D. Scope of the Guidance: terminology, Key features and business models................................
A lien holder is someone who has either leased a vehicle to you with an insurable interest, or given you money on loan to buy it. The lien holder is usually a bank or another financial firm. When insuring your car, the lien holder is also included on your policy. This will protect the lien holder in the event that you are in an accident and damage the vehicle. The lien holder has a secured interest in the car.
Mechanic's Lien Basics. If you're a mechanic and are working on a project, and want to help ensure that you'll be paid regardless of the status of the property, you can use a Mechanic's Lien. A lien helps prevent the property owner from selling the property you've worked on without first paying you, the lienholder.