A lien is an encumbrance on ( claim against) property to satisfy a debt or protect a claim for the payment of a debt. Liens may arise under the common law ( usu-ally by possession of the property) or under statutory law. Statutory liens include mechanic’s liens, whereas artisan’s liens were recognized at common law. Judicial liens may be used by a creditor to collect on a debt before or after a judgment is entered by a court.
A secured party is any creditor who has a security interest in the debtor’s collateral. This creditor can be a seller, a lender, a cosigner, or even a buyer of accounts or chattel paper.
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