A Statutory Lien Arises Solely by Force of Statute and Includes

question 61

True/False

A statutory lien arises solely by force of statute and includes a security interest and a judicial lien.

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Definitions:

Assessed Valuation

The value assigned to a property by a government tax assessor for tax purposes.

Tax Rate

The percentage of one's income or the value of a good, service, or asset that is paid as tax to the government.

Market Value

The existing cost at which a service or asset is available for purchase or sale in the market.

Sales Tax

A tax imposed by government on sales of goods and services, typically computed as a percentage of the sale price.