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Changes for Securing Lien Rights in Pennsylvania Coming 2016
New Notice procedures in Pennsylvania become effective for qualifying projects commenced on or after the date the online Construction Notices Directory become operational (scheduled for December 31, 2016).
If you're furnishing to a construction project in California, you should serve the preliminary notice within 20 days from first furnishing. However, there are nuances.
A preliminary notice (sometimes referred to as a Notice to Owner (NTO) or Notice to Customer), shouldn’t upset anyone, especially if the intent of the document is properly explained.
What is a Notice of Termination of Notice of Commencement?
Aside from a mouthful when trying to say it three times fast, the Notice of Termination of Notice of Commencement is a recorded affidavit that terminates/extinguishes an existing Notice of Commencement.
1, 3, 11… Confused counting? Of course not, silly, these numbers identify the various types of UCC filings under Article 9 of the Uniform Commercial Code (UCC).
A preliminary notice is a low cost proactive alternative to the reactive high cost and high stress associated with collections. It pays to be proactive.
Furnishing to a Property that’s Leased? Serve the Owner & the Tenant
If you are furnishing to a property that is being leased, both the fee owner and the owner of the leasehold interest (lessee/tenant) should be served with the notice.
Unconditional lien waivers can be dangerous if blindly signed, as the signor is waiving all rights to further remedy regardless of whether or not payment has cleared.
Creditor’s OMEGA Mistake Started with Collateral Description
Article 9 allows a creditor to list collateral as “all assets” on the financing statement, but the creditor must provide a more thorough collateral description within the Security Agreement.
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