Indiana Demand for Discharge of Lien - Individual

State:
Indiana
Control #:
IN-010-09
Format:
Word; 
Rich Text
Instant download

Description

This Demand for Discharge of Lien is for use by an individual to demand from an owner, holder or custodian of a lien for labor performed or materials furnished in connection with improvements to property to release, discharge and satisfy of record the mechanic's lien no later than 15 days after the date the demand is received.

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FAQ

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.

The simplest way to prevent liens and ensure that subcontractors and suppliers are paid is to pay with joint checks. This is when both parties endorse the check. Compare the contractor's materials or labor bill to the schedule of payments in your contract and the Preliminary Notices.

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.

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.

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.

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.

When a lien is filed, it states the amount that is owed to the contractor. If the stated amount is paid in full, the contractor should file a full release of the lien. This results in completely removing the lien from the property.With a partial release, a lien remains on the property, but for a reduced amount.

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Indiana Demand for Discharge of Lien - Individual