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Indiana Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds

Category:
Construction - Stop Payment
State:
Multi-State
Control #:
US-01040BG
Format:
Word; 
Rich Text
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Description

The right to execute and deliver a stop notice or a notice to withhold funds is a remedy closely related to a mechanic's lien. When a stop notice or a notice to withhold funds is received by an individual or a firm holding the construction funds for a project, the individual or firm must withhold from its disbursements sufficient money to satisfy the stop notice claim. In this form, the claimant is informing the appropriate court clerk that he has settled the claim and is authorizing the court clerk to discharge of record the Stop Notice.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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  • Preview Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds

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How to fill out Certificate Of Satisfaction Of Stop Notice Claim Or Notice To Withhold Funds?

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FAQ

A stop notice is sent to the owner to assert your right for the amount yet to be paid out on the project. It lets the owner know you are owed money by the general contractor or a lower tier subcontractor. The effect is the owner must ?stop? payment in the amount of your claim until the claim is resolved.

A bonded stop payment notice refers to a stop payment notice that is accompanied by a bond issued by a surety in the amount equal to 125% of the amount of the claim.

A stop notice gives notice to the company issuing the securities that the person serving the notice regards himself as the holder of an equitable interest in the securities and has the effect of preventing the securities being dealt with before that person has an opportunity to assert his claim.

A Stop payment notice, is a verified written notice signed by the claimant which formally notifies the property owner that the claimant has not been paid for their labor, services, equipments, or materials provided to the construction project.

The Stop Notice procedures involve three basic steps: First: If you are not the general contractor, serving a preliminary 20-day notice; Second: Serving the Stop Notice; and. Third: Filing a lawsuit to enforce the Stop Notice.

A stop notice gives notice to the company issuing the securities that the person serving the notice regards himself as the holder of an equitable interest in the securities and has the effect of preventing the securities being dealt with before that person has an opportunity to assert his claim.

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