A lien is nothing more than a property interest that secures a debt. Frequently more than one lender will make a loan to someone secured by their home, their car, their business assets or their other property. Once a lender records a notice of their lien with a state or county recording office, other lenders will know of that lien’s existence and decide whether or not to make a loan. Priority of liens in a piece of property depends on the date that notice is recorded, also known as the date of perfection.