What is a "statutory lien"?

A statutory lien is defined as a legal claim against property that arises by operation of law to secure the payment of a debt or obligation. Option B correctly identifies this aspect by stating that it represents a rights claim to a member's shares that is equal to any outstanding financial obligation. This type of lien is established through specific statutes, meaning it does not require a contract between parties, and is often invoked in situations where debts or dues remain unpaid.

In the context of credit unions and consumer lending, a statutory lien would allow the institution to claim a member’s shares or account balances to cover any debts owed, ensuring that creditors have an avenue to recover debts lawfully. This protective measure encourages responsible borrowing, as members are aware that outstanding debts may lead to a claim on their accounts.

While other options might seem plausible—like the inclusion of real estate in liens or security interests held by third parties—these do not specifically encompass the characteristics of a statutory lien as defined by statute and its relation to member shares in a credit union context.