An equitable lien is a legal interest granted to a creditor over a debtor's property as security for the debtor's obligation. Unlike a statutory lien, an equitable lien is created by the courts to achieve fairness, often in the absence of a formal written agreement.
A junior lien, also known as a junior mortgage, is a type of lien or security interest that is registered on a property after a primary, or senior, lien. These liens are subordinate to the senior lien in terms of priority and repayment during foreclosure.
