Which of the following types of liens is created by law?

A statutory lien is a type of lien that is established by law, meaning it is automatically created through legislation. This kind of lien does not require any agreement or consent from the property owner, as it is mandated by statutes that provide certain rights to creditors.

For instance, property tax liens and mechanic's liens are common examples of statutory liens. When a property owner fails to pay property taxes, a lien is created by the state to secure the payment of those taxes. Similarly, when a contractor performs work on a property and is not paid, the law allows for a mechanic's lien to protect the contractor's right to payment.

Other types of liens, like consensual liens, require an agreement between the parties involved. These are often created through contracts, such as a mortgage. Equitable liens arise from fairness principles in situations where one party has a claim to the property arising from a transaction or circumstance that did not involve a formal contract. Simple liens is not a recognized term in lien classification and may not have the specific legal definition that statutory liens have.

Understanding the classification of liens helps in determining the legal rights and obligations concerning properties and their owners.