Kentucky construction lien law does not contain a specific provision for the discharge of a lien. However, this form allows a lien holder to provide a property owner with a standard release upon payment in full.
Kentucky Discharge of Lien by Individual
Category:
State:
Kentucky
Control #:
KY-05-09
Format:
Word;
Rich Text
Instant download
Description
How to fill out Kentucky Discharge Of Lien By Individual?
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FAQ
A judgment lien in Kentucky will remain attached to the debtor's property (even if the property changes hands) for 15 years.
A: The Kentucky County Clerk's Association voted to only accept one of the following forms to release vehicle liens: Original Clerk's Filing Receipt, Title Lien Statement (Form TC96-187), or a UCC-3 Financing Statement Amendment. The KCCA also voted NOT to accept terminations on company letterhead.
A lien is a claim on property to ensure payment of a debt. When you borrow money to purchase a car, the lender files a lien on the vehicle with the state to insure that if the loan defaults, the lender can take the car. When the debt is fully repaid, a release of the lien is provided by the lender.
Liens have a higher priority than discharges because of specific legislation. Sometimes liens can be removed "in trust". A discharge in trust is a method used to remove a lien via a third party, usually a lawyer.In some cases, parties may take steps to have a lien removed by a Consent Order or a Court Order.
1 : a charge upon real or personal property for the satisfaction of some debt or duty ordinarily arising by operation of law The bank had a lien on our house. 2 : the security interest created by a mortgage the lien of a mortgage.
For instance, in California, most mechanic's liens will expire after 90 days from the date it was recorded, but in Florida, the lien will be in effect for a year.
It basically states that you've paid the subcontractor what is owed, they accept the payment in full, and they waive the right to put a lien on your property. Simply present this form to the subcontractor with your payment and ask them to sign it. Make sure you get their signature!
The removal of a lien on a motor vehicle or real property after the claim has been satisfied is referred to as a discharge of lien.
