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Idaho Release of Lien by Posting of Surety Bond - Individual

Idaho Surety Bond For Freight Broker

Category:

Liens - Construction - Mechanics

State:

Idaho

Control #:

ID-02-09

Format:

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Description

The Idaho surety bond for freight broker is a legal instrument primarily used for releasing a real property from a mechanic's lien. This form enables an owner, contractor, or disputing party to bond a specified amount, ensuring that they can contest a lien claim while securing the property. Key features of this document include the identification of parties involved: the principal (the owner or contractor), the surety, and the claimant. It mandates that the principal and surety agree to pay the claimant any amount adjudged by a court, including interest, costs, and attorney's fees, up to the value of the bond. The form requires specific filling instructions, such as entering the name of the owner, the lien amount, and providing a legal description of the property. Notarization is mandatory, verifying the identities of the principal and the surety's attorney in fact. This form serves legal professionals, including attorneys, partners, owners, associates, paralegals, and legal assistants, by providing a structured method for contesting liens, protecting clients' interests, and ensuring compliance with Idaho Code. It is especially useful in disputes over property where financial claims are involved, allowing parties to resolve issues without compromising property rights.

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How to fill out Idaho Release Of Lien By Posting Of Surety Bond - Individual?

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FAQ

The $50,000 surety bond is a financial guarantee required by the Federal Motor Carrier Safety Administration for freight brokers. It ensures that brokers act responsibly and fulfill agreements with clients. In Idaho, acquiring this bond provides peace of mind for shippers and reinforces the broker's credibility in the industry.

No specific documents are required in order to draft and execute a surety bond. However, ID proofs of the parties in order to confirm the names and permanent addresses of the principal, surety and the obligee must be scrutinized.

A freight broker bond is a type of surety bond that freight brokers must obtain to get or renew a license. The freight broker surety bond requirement exists to help establish credibility and prevent fraud or failure to pay motor carriers or shippers in a timely manner.

For nearly a decade, all freight brokers have been legally required to have a $75,000 surety bond or trust fund. That bond assures that if a broker is unable to live up to their contracts with a carrier or shipper, the broker will still have the assets or cash to cover the amount needed.

To apply for a surety bond in Idaho simply submit our easy 2-min online application. We will contact you shortly with a free and exact quote and more details about the process.

Whenever a freight broker or trucking company applies for a surety bond, they're actually forming a partnership with the surety company. Since the surety company must pay the third party any claims, it tries to protect the interest of the freight broker.

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Release of Lien by Posting of Surety Bond - Individual

Note: This summary is not intended to be an all inclusive discussion of Idaho's construction or mechanic's lien laws, but does include basic provisions.

What is a construction or mechanic's lien?

Every State permits a person who supplies labor or materials for a construction project to claim a lien against the improved property. While some states differ in their definition of improvements and some states limit lien claims to buildings or structures, most permit the filing of a document with the local court that puts parties interested in the property on notice that the party asserting the lien has a claim. States differ widely in the method and time within which a party may act on their lien. Also varying widely are the requirements of written notices between property owners, contractors, subcontractors and laborers, and in some cases lending institutions. As a general rule, these statutes serve to prevent unpleasant surprises by compelling parties who wish to assert their legal rights to put all parties who might be interested in the property on notice of a claim or the possibility of a claim. This by no means constitutes a complete discussion of construction lien law and should not be interpreted as such. Parties seeking to know more about construction laws in their State should always consult their State statutes directly.

Who can file a lien in this State?

Idaho law permits "Every person, ..., performing labor upon, or furnishing materials to be used in the construction, alteration or repair of any mining claim, building, wharf, bridge, ditch, dike, flume, tunnel, fence, machinery, railroad, wagon road, aqueduct to create hydraulic power, or any other structure, or who grades, fills in, levels, surfaces or otherwise improves any land, or who performs labor in any mine or mining claim, and every professional engineer or licensed surveyor under contract who prepares or furnishes designs, plans, plats, maps, specifications, drawings, surveys, estimates of cost, on-site observation or supervision, or who renders any other professional service whatsoever for which he is legally authorized to perform in connection with any land or building development or improvement, or to establish boundaries, to have a lien upon the same for the work or labor done or professional services or materials furnished, whether done or furnished at the instance of the owner of the building or other improvement or his agent; and every contractor, subcontractor, architect, builder or any person having charge of any mining claim, or of the construction, alteration or repair, either in whole or in part, of any building or other improvement, as aforesaid, shall be held to be the agent of the owner for the purpose of this chapter provided, and the lessee or lessees of any mining claim shall not be considered as the agent or agents of the owner..." Idaho Code Â§ 45-501.

How long does a party have to file a lien?

A party seeking to claim a lien must file a claim of lien within ninety (90) days after the completion of the labor or services or furnishing of materials. Idaho Code Â§ 45-507.

What kind of notice is required prior to filing a lien?

Idaho statutes do not require an additional filing or notice other than the lien claim itself.

By what method is a lien filed in this State?

A Claim of Lien must be filed containing a statement of the claimant's demand, the names of relevant parties, and a property description. It must be verified by the oath of the claimant and a copy must be served personally or by certified mail to the property owner. Idaho Code Â§ 45-507.

How long is a lien good for?

A party seeking to assert a lien must begin legal proceedings to enforce the lien within six (6) months after the claim of lien has been filed, or, if "a payment on account is made, or extension of credit given with expiration date thereof, and such payment or credit and expiration date is endorsed on the record of the lien, then six (6) months after the date of such payment or expiration of extension."

Are liens assignable?

Idaho statutes on construction liens do not specifically speak as to whether liens may be assigned to other parties.

Does this State require a notice prior to starting work, or after work has been completed?

No. Idaho statutes do not require a Notice of Commencement or a Notice of Completion as required in some other States.

Does this State permit a person with an interest in property to deny responsibility for improvements?

No. Idaho statutes do not have a provision which permits the denial of responsibility for improvements.

Is a notice attesting to the satisfaction of a lien provided for or required?

No. Idaho statutes do not provide for or require that a lien holder who has been paid produce or file a notice to that effect.

Does this State permit the use of a bond to release a lien?

Yes. Idaho has several provisions for the release of a lien after the proper filing of a bond. However, the filing of a petition and a hearing before a judge in the appropriate court is required before obtaining an order releasing the lien.