A Statutory Lien Is a Lien Created Solely Through Statute

question 90

True/False

A statutory lien is a lien created solely through statute, regardless of whether the debtor wishes the lien to be created.

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Definitions:

Necessities

Basic needs that are essential for human survival and well-being, including food, water, shelter, and clothing.

Interlocking Directorates

The practice of sharing board members among different companies, which can lead to a concentration of power and influence.

Board of Directors

A group of elected or appointed members who jointly oversee the activities and governance of a company or organization.

Outright Ownership

A legal term indicating that a property or asset is owned completely without any encumbrances or conditions.