The first recorded debt such as a first mortgage or first deed. First liens have priority over all other debts, and in the event of foreclosure first liens must be paid before any others.

Previous Terms: 1031 Exchange, 1035 Exchange, AARP, Abeyance, Abstraction Principle, Accelerated Amortization, Acceptance Credit, Acceptance of a Bill of Exchange, Accommodation Bill, Accommodation Endorser