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.

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