Which statement about the unpaid seller's RIGHT OF LIEN under Section 47 of the Sale of Goods Act, 1930 is correct?

The right of lien is essentially a right of the unpaid seller to retain possession of the goods until payment, and it is therefore lost as soon as the seller parts with possession of the goods. Section 47 confers the right only while the seller is in possession, whether as owner or as agent, and where credit has been allowed, only after the credit period has expired. Where goods are delivered to a carrier for transmission, the unpaid seller's protection continues through the distinct right of stoppage in transit, not through lien. Once the buyer (or his agent) gains lawful possession, lien is extinguished.