Priority of Parties Holding Statutory or Common Law Liens

The video tutorial explains the two main categories of liens: possessory and non-possessory. Possessory liens are created to secure payment for work done on a property, while non-possessory liens arise from third-party actions like court judgments or tax obligations. The tutorial discusses the priority of these liens over perfected and non-perfected security interests, emphasizing that statutory rules govern these priorities.

What are the two categories of liens mentioned in the text?

Explain the concept of a possessory lien.

What is a non-possessory lien and how is it created?

How does the priority of a possessory lien compare to that of a perfected security interest?

What factors generally control the relationship between liens and security interests?