Maine Subordination of Lien is a legal process that allows a creditor to voluntarily or involuntarily subjugate their lien position to another lien holder or a new lender. A lien is a legal claim against a piece of property that provides security for the repayment of a debt or loan. In Maine, there are two primary types of Subordination of Lien: voluntary and involuntary. Voluntary Subordination of Lien occurs when a lien holder willingly agrees to lower their lien priority to accommodate another lender or creditor. This is often done to facilitate refinancing or obtaining additional financing on a property. For example, if a homeowner wants to refinance their mortgage, their current mortgage lender may require the existing liens on the property, such as a second mortgage or tax lien, to be voluntarily subordinated to the new refinanced loan. By doing so, the new lender gains a higher priority in case of default. On the other hand, Involuntary Subordination of Lien can occur through legal actions or court orders. When a debtor defaults on their obligations, a creditor can file a lawsuit and obtain a judgment lien against the property. When a higher-ranking lien holder initiates foreclosure proceedings, any subsequent liens may be involuntarily subordinated. This means that if the property is sold to satisfy the outstanding debts, the higher-ranking lien holder would be paid first from the proceeds before the involuntarily subordinated lien holder. It's important to note that Subordination of Lien can have significant implications for the respective lien holders and property owners. By subordinating their lien, creditors are limiting their chances of recovering their debt in case of default. Conversely, the lien holder gaining priority through subordination gains a stronger position in securing their interest in the property. In summary, the Maine Subordination of Lien is a legal process that allows for the voluntary or involuntary lowering of lien priority. By understanding the different types and implications of Subordination of Lien, creditors, lenders, and property owners can navigate their financial obligations and rights in a manner that best suits their needs.
Maine Subordination of Lien
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In Maine, all lien claimants without a contract directly with the property owner must file their lien claim (called a Notice of Lien) in the registry of deeds for the county in which the property is located within 90 days of the date of last furnishing labor or materials for the project.
In Maine, all lien claimants without a contract directly with the property owner must file their lien claim (called a Notice of Lien) in the registry of deeds for the county in which the property is located within 90 days of the date of last furnishing labor or materials for the project.
The fee is $22 for the first page. $2 for each additional page. However, while you can file a preliminary notice, it's not necessarily required.
To prove slander of title a claimant must prove (1) there was a publication of a slanderous statement disparaging claimant's title; (2) the statement was false; (3) the statement was made with malice or made with reckless disregard of its falsity; and (4) the statement caused actual or special damages.
Ing to the mechanics lien law, after your notices are served timely the lien must be filed in the county recorder's office in the county where the property is located. The lien may either be served by certified mail, return receipt requested, or personally served on each of the parties.
The Maine Mechanics Lien Release Form is used to cancel a lien that has already been filed. It's most often used to release a lien claim after a lien claimant receives payment. However, they may also be released based on settlements, legal controversies, because they expired, or more.
Filing your own lien in California also goes through county offices. Filing your mechanics lien with the project's county recorders' office can cost between $95 and $125, depending on the project's location.
