An equitable lien may be defined as the right to have certain property applied in a particular manner. Unlike a possessory lien, it exists irrespective of possession and confers on the holder the right to a judicial sale. Liens of this type being really outside the scope of the topic for exams, it will suffice to give only one example, viz., the partnership lien. This consists of the right of a partner on dissolution of the partnership to have the firm's property applied in the settlement of the firm's liabilities and any surplus divided among the partners in proper proportions