US Legal Forms
Idaho Release of Lien by Posting of Surety Bond by Corporation or LLC

Idaho Release of Lien by Posting of Surety Bond by Corporation or LLC

Category:

Liens - Construction - Mechanics

State:

Idaho

Control #:

ID-02A-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.

Letter from Landlord to Tenant about Intent to increase rent and effective date of rental increase

View this form

Complaint for Breach of Insurance Policy, Misrepresentation

View this form

Request for Inspection

View this form

Marital Domestic Separation and Property S...

View this form

Sample Letter for Acceptance of Resignatio...

View this form

Notice of Privacy Practices Pursuant to HIPAA

View this form

Sample Letter to Client to Notify of Full,...

View this form

Nonexclusive License to Hunt and Fish on P...

View this form

Pennsylvania Insulation Contractor Package

View this form

New Employee Orientation Checklist

View this form

Instruction to Jury as to Evidence of Conv...

View this form

Termination of Employment

View this form

Credit Card Authorization Form for Snowmob...

View this form

How to fill out Idaho Release Of Lien By Posting Of Surety Bond By Corporation Or LLC?

Utilize the most comprehensive collection of sanctioned documents.

US Legal Forms is truly a resource where you can discover any state-specific document with just a few clicks, including Idaho Release of Lien by Posting of Surety Bond by Corporation or LLC templates.

There's no need to spend hours searching for a court-admissible template. Our certified experts guarantee you access the most current documents every time.

If everything seems correct, click on the Buy Now button. After selecting a pricing plan, register an account. Pay using a credit card or PayPal. Download the template to your computer by clicking Download. That's it! You should fill out the Idaho Release of Lien by Posting of Surety Bond by Corporation or LLC form and double-check it. To make sure everything is correct, consult your local legal advisor for assistance. Register and easily explore over 85,000 useful templates.

To access the document library, choose a subscription and create your account.
If you have already done this, simply Log In and click Download.
The Idaho Release of Lien by Posting of Surety Bond by Corporation or LLC document will be automatically saved in the My documents section (a section for all documents you download on US Legal Forms).
To establish a new profile, refer to the brief instructions provided below.
If you're planning to use a state-specific template, ensure you select the correct state.
If possible, read the description to learn all the details of the document.
Make use of the Preview feature if it’s available to view the information of the document.

Form popularity

FAQ

In Idaho, code 45-519 deals with the process regarding the release of liens through the posting of surety bonds by corporations or LLCs. This code outlines the legal framework for how a lien can be released when a surety bond is posted, ensuring that all parties involved are protected. Knowing this code is essential for any corporation or LLC seeking to efficiently manage their lien obligations. Therefore, understanding the Idaho Release of Lien by Posting of Surety Bond by Corporation or LLC will help streamline your business dealings effectively.

The state of California requires every Notary to purchase a $15,000 Surety Bond in order to protect the public financially from the possibility of a negligent mistake or intentional misconduct.

This is one way a surety bond differs from an insurance policy. While an insurance company does not expect to be paid back for a claim, a surety company does.You are also responsible for paying back the surety company every penny they pay out on a claim, including all costs associated with the claim.

At its simplest, a surety bond requires the surety to pay a set amount of money to the obligee if a principal fails to perform a contractual obligation. It also helps principals, typically small contractors, compete for contracts by reassuring customers that they will receive the product or service promised.

A surety bond is a promise to be liable for the debt, default, or failure of another. It is a three-party contract by which one party (the surety) guarantees the performance or obligations of a second party (the principal) to a third party (the obligee).

When it comes to surety bonds, you will not need to pay month-to-month. In fact, when you get a quote for a surety bond, the quote is a one-time payment quote. This means you will only need to pay it one time (not every month).Most bonds are quoted at a 1-year term, but some are quoted at a 2-year or 3-year term.

On average, the cost for a surety bond falls somewhere between 1% and 15% of the bond amount. That means you may be charged between $100 and $1,500 to buy a $10,000 bond policy. Most premium amounts are based on your application and credit health, but there are some bond policies that are written freely.

Nevada law requires all Notaries to purchase and maintain a $10,000 Notary surety bond for the duration of their 4-year commission. The Notary bond protects the general public of Nevada against any financial loss due to improper conduct by a Nevada Notary. The bond is NOT insurance protection for Nevada Notaries.

For most projects, the cost of a surety bond is a standard line item in the construction cost estimate. Premiums for construction bonds are calculated as a percentage of the bond value, and usually quoted in dollars per thousand: Bond Amount X Rate/1,000.

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

Release of Lien by Posting of Surety Bond by Corporation or LLC

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.