The following is designed to provide a quick comparison by state and does not address all variables. While some states may not enforce a waiver of lien rights within a contract, they may allow a separate waiver in advance of furnishing. States also may allow for subordination of a lien to a mortgage. NCS recommends retaining an attorney for each case.
If you are furnishing to a private project in Arizona, check out five things you should know to secure your right to payment.
Obtaining complete job information (a.k.a. project information) is critical to securing mechanic's lien & bond claim rights. Project information provides the information necessary to protect mechanic's lien and bond claim rights.
The project type, the state in which the project is located, and who you sold to within the ladder of supply will dictate notice requirements and action deadlines.
Job Information is any/all information related to a given construction project, including relevant party information and identifying project information.
View this infographic to find out what information you need.
Section 9-103 of the UCC defines a PMSI as a security interest in goods (aka inventory) that are collateral for an obligation that arises in connection with the sale of the goods.
When the required steps are met, a PMSI can give a creditor a first or priority security interest in the goods, even if other secured parties hold prior perfected security interests in the same collateral.
Check out this infographic to learn more about who might benefit from a PMSI in Inventory and how to comply with PMSI requirements.
North Carolina had a “hidden lien” problem with construction projects. The mechanic’s liens weren’t hiding under bushes or behind trees, but rather hiding from future property buyers and lending companies. So, the North Carolina legislature came up with a solution: the Lien Agent.
The Lien Agent is a designated party, for each private construction project, who must receive notification from any contractor or subcontractor supplying materials or labor to said project.
Is the notice served on the Lien Agent the same as the notice served on the subcontractor? Check out this infographic for the answer!
Lien Waivers are common in construction credit & one of the most misunderstood and misused documents. In this infographic, we review the four primary types of waivers, identify which states have specific waivers, and identify which states require the waiver to be notarized.
The Miller Act requires prime contractors on federal projects to submit a payment bond to ensure payment for materials and services provided by their suppliers and subcontractors.
Instead of filing a mechanic’s lien against a project, your right of recovery would be against the surety on the payment bond. Check out this infographic for details!
Companies default, it happens. Fortunately, you are a brilliant creditor who has filed a UCC to protect your receivable! But, what do you do now? In this infographic, we'll review steps you can take to collect on your receivable or repossess your goods.
If you are furnishing to a construction project in Florida, make sure you secure your right to get paid through the mechanic's lien and bond claim process. First, you must serve a preliminary notice and in the state of Florida, that notice is called the Notice to Owner.
This infographic outlines the deadlines for protecting lien rights in Florida, what information should be included in your Notice to Owner, and who should receive a copy of the Notice to Owner.