What term refers to a claim or charge against property for payment of some debt?

The term that refers to a claim or charge against property for payment of some debt is a lien. A lien is a legal right or interest that a lender or creditor has in the property of a borrower, granted until the debt obligation is satisfied. This means that if the borrower fails to repay the debt, the creditor can take possession of the property or have it sold to satisfy the debt.

Liens are commonly used in various financial transactions, such as loans, to provide security for the debt. They can be voluntary, like a mortgage where property is used to secure a loan, or involuntary, such as a mechanics lien which can arise when a contractor has not been paid for work done on the property.

Understanding how a lien functions is essential in finance and property law, as it impacts the rights of the property owner and the actions a creditor can take in the event of default.