My name is Ron Drescher. I am an attorney
practicing in bankruptcy and commercial litigation and I
practice in Maryland, Virginia, Delaware, and Pennsylvania. Today
I want to talk about the different kinds of liens that are created
to protect debt obligations. Now, the third kind of lien is
a statutory lien. These are generally liens that arise in favor
of governmental units. For example, the IRS they get a lien
as soon as you don’t pay. Now, the lien doesn’t formally attach
to property over the interest of other lienholders or potential
lienholders until they file a notice of tax lien with the recorder’s
office of the county, but if you have an IRA or 401K that
IRS tax lien attaches to your property as soon as the tax is assessed.
It’s a non-judicial statutory lien and they’re entitled
to some very significant protections in the bankruptcy
court. Now, there are other liens; there are mechanics liens that
are somewhat judicial and somewhat statutory. There are liens sometimes
if a state or county pays a medical expense, they’ll have
a lien on settlement proceeds. My name is Ron Drescher. I am an
attorney practicing in bankruptcy and commercial litigation and
if you have a question about any of these concepts, I’d
love to hear from you. Thank you very much for watching this video.