The right of lien generally arises by operation of law, but in some cases it is created by express contract. Laws regarding liens and notices of sale pursuant to an unsatisfied lien vary by jurisdiction, so local laws should be consulted.
Kentucky Contract Provision Authorizing a Lien on Property Left for Repair and Sale of Property for Failure to Pay Repair Charges
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FAQ
According to the Daily Herald, the only people who can place a lien on your home are those who have done work or otherwise contributed to the value of your home. For example, contractors and suppliers could place a lien if you do not pay them. Other creditors, though, usually cannot put a lien on your property.
To attach a lien, the creditor records the judgment with the county clerk for the Kentucky county where the debtor has property now or may have any property in the future.
Which of the following is an example of circumstances under which a mechanic's lien might not be enforced? If a contractor performs deficient work.
How much does this bond cost? The cost is usually 2 5% of the bond amount, but will often require collateral. The pricing varies based on the bond amount, and the specifics of the dispute.
A mortgage lien is a type of voluntary specific lien, used when a bank lends money to purchase or refinance a home. Mortgages are secured loans, which creates a mortgage lien on the property.
Lien release bonds can be an effective way for owners to free their property from lien claims, enabling them to refinance or sell the property. However, it doesn't free them from the obligation to pay the debt. It simply substitutes one form of payment security for another.
In Kentucky, a lien is claimed by filing a Statement of Claim document with a county recorder. To claim a lien in Kentucky, the claimant must file a statement of the account due to him within six (6) months after he ceases to labor or furnish materials.
Nearly all states will require that a lien statement be filed within a certain number of days or months since labor or materials were last provided. In Kentucky, a lien statement must be filed within 6 months (note: not just 180 days) of the date on which the claimant ceases to labor or furnish materials. Although
Q: What does it cost to file a lien? A: The standard filing fee for a Title Lien Statement dated within 30 days the day we receive it is $22.00. If the date on the TLS is dated more than 30 days old when we receive it, there is a $2.00 late fee making the total $24.00.
The process of bonding off a mechanics lien starts after a claimant has filed a mechanics lien. After the claim is made, a general contractor or a property owner can contact a surety bond company to purchase a surety bond that replaces the value of the lien that was filed against the property.
