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:

MR

Short for Marginal Revenue, it refers to the increase in total revenue that results from selling one additional unit of a product or service.

MC

In economics, refers to marginal cost, which is the increase in total cost that arises from producing an additional unit of output.

Marginal Cost

The expense incurred from the production of an extra single unit of a product or service.

Total Cost

The complete cost of production that involves both fixed and variable costs to produce a given level of output.