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perfected first lien
per·fect·ed first lien (plural per·fect·ed first liens)


noun 
Definition:
 
lien recorded with government institution: a first lien that is recorded with a government institution so that the lender will be able to act on it if the borrower defaults
Encarta® World English Dictionary [North American Edition] © & (P)2009 Microsoft Corporation. All rights reserved. Developed for Microsoft by Bloomsbury Publishing Plc.
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