US Legal Forms
Credit Report Forms
Idaho Release of Lien by Posting of Surety Bond - Individual

Idaho Surety Bond With Conditions

Category:

Liens - Construction - Mechanics

State:

Idaho

Control #:

ID-02-09

Format:

Instant download

Upgrade to a Package! This form is part of a package. Get several related forms for the price of one! Go to Package

Description

Idaho law contains several lengthy provisions regarding the process by which a party may commence a legal action to have a lien released by posting a surety bond. Filing an action under most of these statutes requires the services of an attorney. However, Idaho statutes also provide a standard form which may be filed to show that a party with an interest in the property has obtained a surety bond. Idaho Code §45-519.

Firm Billing Policies

View this form

Nondisclosure and Confidentiality Agreemen...

View this form

Release of Lis Pendens

View this form

Construction Contract for Home - Fixed Fee...

View this form

Master Environmental Services Agreement

View this form

Petition For Writ Of Habeas Corpus By Pers...

View this form

Return of Late Payment and Denial of Discount

View this form

Complaint or Petition for Temporary Restra...

View this form

Sample Letter transmitting Last Will and T...

View this form

Checklist - Risk Management Essentials

View this form

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

The Idaho Surety Bond With Conditions you see on this page is a reusable formal template drafted by professional lawyers in accordance with federal and local regulations. For more than 25 years, US Legal Forms has provided people, companies, and legal professionals with more than 85,000 verified, state-specific forms for any business and personal scenario. It’s the fastest, simplest and most reliable way to obtain the paperwork you need, as the service guarantees the highest level of data security and anti-malware protection.

Obtaining this Idaho Surety Bond With Conditions will take you just a few simple steps:

Browse for the document you need and check it. Look through the file you searched and preview it or check the form description to verify it satisfies your requirements. If it does not, utilize the search bar to get the correct one. Click Buy Now when you have located the template you need.
Subscribe and log in. Choose the pricing plan that suits you and create an account. Use PayPal or a credit card to make a prompt payment. If you already have an account, log in and check your subscription to continue.
Acquire the fillable template. Choose the format you want for your Idaho Surety Bond With Conditions (PDF, Word, RTF) and save the sample on your device.
Fill out and sign the document. Print out the template to complete it manually. Alternatively, use an online multi-functional PDF editor to rapidly and precisely fill out and sign your form with a valid.
Download your paperwork again. Utilize the same document again whenever needed. Open the My Forms tab in your profile to redownload any previously saved forms.

Form popularity

FAQ

The Indemnity bond should be signed by two witnesses and two sureties (name, address and signature). 12. Affidavit should be verified in presence of a First Class Magistrate or a Notary Public. In the event of verification in the presence of Notary Public, the Affidavit should contain the notarial stamp.

Surety bond premiums (the amount you pay) are often calculated as a percentage of the total bond amount, usually between 0.5% and 5% of the bond amount for applicants with good credit, and between 5% up to as much as 20% of the bond amount for applicants with poor credit.

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 defendant may be admitted to bail or released on the defendant's own recognizance by the court in which the defendant was convicted pending an appeal on consideration of the factors set forth in subsection (c) of this rule unless it appears that the appeal is frivolous or taken for delay.

The general multiple range that sureties use is 10 to20 times a contractor's working capital based on the type work a contractor performs. For example, $1 million in working capital can equate to $10 to $20 million in total aggregate bonding capacity.

Trusted and secure by over 3 million people of the world’s leading companies

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.