US Legal Forms
Maine Notice to Bona Fide Purchaser - Corporation or LLC

Maine Notice to Bona Fide Purchaser - Corporation or LLC

Q: What is a bona fide claim?

Bona fide. adj. Latin for &quot;good faith,&quot; it signifies honesty, the &quot;real thing&quot; and, in the case of a party claiming title as bona fide purchaser or holder, it indicates innocence or lack of knowledge of any fact that would cast doubt on the right to hold title.

Q: What does bona fide mean in law?

A Latin term meaning &quot;good faith&quot;. This refers to an individual&#039;s position under the law that is based in good faith without notice of fraud with regards to a particular transaction or with regards to the authenticity of a particular document. wex definitions.

Category:

Liens - Construction - Mechanics

State:

Maine

Control #:

ME-03A-09

Format:

Instant download

This form is part of a form package!

Get all related documents in one bundle, so you don’t have to search separately.

View package

Description

Maine law provides that when a party purchases a house or building, they will take title to the property free from any liens claimed against it UNLESS before the purchaser takes title, the lien claimant has filed a Notice of Furnishing or the attached Notice to Bona Fide Purchaser. The Notice to Bona Fide Purchaser must be filed with the register of deeds in the county in question and if the claimant is a real estate licensee, a copy of the Notice must be sent by certified mail. However, the Notice is only good for one hundred and twenty (120) days from the date of filing.

Notice to Bona Fide Purchaser - Individual

View this form

Notice to Owner - Corporation or LLC

View this form

Basic Stop Notice

View this form

Business Purchase Agreement

Last Will and Testament for Divorced and R...

View this form

Request for Entry of Notice of Satisfactio...

View this form

Conditional Waiver and Release of Lien on ...

View this form

Self-Evaluation

View this form

Consent Judgment for termination of Child ...

View this form

Complaint

View this form

Instructions to File for Grandparent or Gr...

View this form

Affidavit of Mother

View this form

Utah Tax Free Exchange Package

View this form

How to fill out Maine Notice To Bona Fide Purchaser - Corporation Or LLC?

You are invited to the most essential legal document collection, US Legal Forms.

Here you will discover any template including Maine Notice to Bona Fide Purchaser - Corporation or LLC forms and save them (as many as you desire/require).

Prepare legal documents within a few hours, rather than days or weeks, without spending a fortune with an attorney.

If the example fulfills all of your requirements, simply click Buy Now. To create an account, select a pricing plan. Use a credit card or PayPal account to register. Save the document in the format you need (Word or PDF). Print the document and complete it with your/your business’s information. Once you’ve finalized the Maine Notice to Bona Fide Purchaser - Corporation or LLC, forward it to your attorney for validation. This additional step is essential for ensuring you’re completely secured. Join US Legal Forms today and access thousands of reusable templates.

Obtain your state-specific template in just a few clicks and feel assured knowing it was created by our certified legal experts.
If you’re already a subscribed client, simply Log In to your account and click Download next to the Maine Notice to Bona Fide Purchaser - Corporation or LLC you require.
Since US Legal Forms is internet-based, you’ll typically have access to your downloaded documents, regardless of the device you’re using.
Find them in the My documents tab.
If you have not created an account yet, what are you waiting for.
Review our instructions provided below to get started.
If this is a state-specific template, verify its applicability in your state.
Examine the description (if available) to ascertain if it’s the correct example.

Form popularity

FAQ

Section 19(b) protects the bona fide purchaser in good faith for value without notice of the original contract. This protection is in the nature of exception to the general rule. Hence, the onus of proof of good faith is on the purchaser who takes the plea that he is an innocent purchaser.

Bona fide. adj. Latin for "good faith," it signifies honesty, the "real thing" and, in the case of a party claiming title as bona fide purchaser or holder, it indicates innocence or lack of knowledge of any fact that would cast doubt on the right to hold title.

A bona fide purchaser is an individual who has bought property for value with no notice of any defects in the seller's title.The voidable title rule is only applicable in situations where the owner is induced to part with title, not merely with possession, as a result of fraud or deception.

Legal Definition of good faith purchaser : a purchaser who gives value for an asset in good faith and without knowledge of adverse claims. called also good faith purchaser for value.

Someone who obtains property for value without notice of any problems with its title (e.g., competing claims of ownership).

A bona fide purchaser (BFP) referred to more completely as a bona fide purchaser for value without notice is a term used predominantly in common law jurisdictions in the law of real property and personal property to refer to an innocent party who purchases property without notice of any other party's claim to the

Mala fide refers to bad faith and bona fide refers to good faith. One example of mala fide would be where those in authority act in such a way that they become exposed to liability. There are many situations where the law clearly states what is permitted and what is not.

A Latin term meaning "good faith". This refers to an individual's position under the law that is based in good faith without notice of fraud with regards to a particular transaction or with regards to the authenticity of a particular document. wex definitions.

Lien Record Abstract

View this form

Trust Deed and Retention Agreement

View this form

Change or Modification of Deed of Trusts

View this form

Municipal Lien

View this form

Real Estate Subordination Agreement

View this form

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

Notice to Bona Fide Purchaser - Corporation or LLC

Note: This summary is not intended to be an all-inclusive discussion of Maine'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?

Maine law permits any party who performs labor or furnishes labor, or materials, for the purposes of erecting, altering, moving, or repairing, a house or building, including a wharf or pier, by virtue of a contract with the consent of the owner, to claim a lien. M.R.S.A. Â§ 3251.

How long does a party have to file a lien?

The liens mentioned in Â§ 3251- Â§ 3254 may be preserved and enforced by action against the debtor and owner of the property affected by filing an action against the debtor and owner within 120 days after the last labor, services, or materials are provided. M.R.S.A. Â§ 3255.

Are liens assignable?

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

Does this state require or provide for a notice from subcontractors and laborers to property owners?

Yes. A party that provides labor, materials, or services without a contract with the property owner risks losing his lien if the property owner sells the property. Although Maine law is extremely complex on this issue, as a general rule, when a party provides labor, materials, or services to a property owner without a contract with the owner (hereinafter called subcontractor), that party is generally entitled to a lien for the value of labor, materials, or services provided. However, the owner is entitled to claim as a defense that the subcontractor is only entitled to a lien for the amount of the balance remaining due on the contract between the owner and the principal contractor. This defense only applies, however, to sums paid from the owner to the contractor before the subcontractor files suit or provides a Notice to Owner. This Notice communicates to the owner that the owner has a responsibility to ensure that the subcontractor is paid or the owner may be required to pay the amount due twice.

In addition, Maine law states that If a party provides labor, materials, or services, without a contract with the property owner, that owner may use a written notice to deny responsibility for the improvements. However, Maine law allows a party to file a Notice of Furnishing within ninety (90) days after he ceases to provide labor, materials, or services. This Notice will preserve the lien claimant's lien and must be filed with the register of deeds.

Does this state require or provide for a notice from the property owner to the contractor, subcontractor, or laborers?

No. Maine statutes do not require property owners to provide notices to contractors, subcontractors, or laborers.

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

No. Maine 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?

Yes. If labor, materials, or services were not furnished by a contract with the owner of the property affected, the owner may prevent a lien by giving written notice that the owner will not be held responsible. M.R.S.A. Â§ 3252.

However, the lien claimant may preserve his lien by filing a Notice of Furnishing.

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

No. Maine law does not require a party who has had their lien satisfied to provide or file a Notice of Satisfaction. However, please see ME-08-09 Release of Lien as an example of a form that could be used by a lien holder to provide a property owner with documentation that the lien has been satisfied after payment in full.

By what method does the law of this state permit the release of a lien?

As stated above, Maine statutes have no specific provision for the release of a lien. However, please see M.R.S.A. Â§ 3263, regarding the filing of a petition by the property owner requesting that the court order the lien holder to accept a bond and release the lien.