first lien

noun [C or U] (also priority lien)

Definition

› LAW, FINANCE the right of a person or financial organization to be the first to take the assets of someone who owes them money if the debt is not paid: first lien on sth The bank will hold a first lien on the company property. They are the first lien holders. first-lien debt/mortgage The home remains unfinished, and they have filed a first lien against the builders to recover the $67,000 they put down when they signed the agreement.

(Definition of first lien noun from the Cambridge Business English Dictionary © Cambridge University Press)