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New Mexico Assignment of Lien - Corporation

New Mexico Assignment of Lien - Corporation

Category:

Liens - Construction - Mechanics

State:

New Mexico

Control #:

NM-10A-09

Format:

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Understanding this form

The Assignment of Lien - Corporation form allows a corporate lienor to legally transfer their lien rights to another party. This document is essential for lienors who have supplied goods, labor, or materials for improvements on real estate and wish to assign their claims to an individual who can enforce those rights under the law. Unlike other forms of lien documentation, this form specifically addresses corporate entities and provides a clear process for the assignment of liens, ensuring all parties understand their rights and obligations.

Key parts of this document

Prepared by and recording information section for official use.
Identification of the corporate lienor and the recipient of the lien assignment.
Description of the improvements made and the property in question.
Statement of the assignment and transfer of lien rights.
Signatures and titles from authorized representatives.
Notarization section to verify the authenticity of signatures.

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Common use cases

This form should be used when a corporation that has provided labor, materials, or laborers for property improvements needs to assign its lien to a third party. It is often utilized in construction projects, renovations, or any scenario where a corporate entity has a legal claim for unpaid services or supplies. By using this form, the lienor can ensure the appropriate legal transfer of rights and assist the new lien holder in pursuing collections or legal action if necessary.

Who this form is for

Corporate entities that have supplied goods, services, or labor for improvements on real property.
Individuals or parties receiving the assignment who need to enforce the lien rights.
Legal representatives or agents acting on behalf of the corporate lienor.

How to complete this form

Identify the parties involved by entering the names and addresses of the lienor and assignee.
Specify the date when labor, materials, or services were provided.
Detail the nature of the improvements and the property location.
Include the signature of authorized representatives from the corporate lienor.
Ensure the document is notarized to confirm the legitimacy of the assignments.

Is notarization required?

To make this form legally binding, it must be notarized. Our online notarization service, powered by Notarize, lets you verify and sign documents remotely through an encrypted video session.

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Mistakes to watch out for

Failing to complete all required fields, leading to incomplete documentation.
Not providing adequate descriptions of the labor or materials supplied.
Neglecting to secure proper signatures and notarization, which could invalidate the form.
Assigning rights without verifying the legality of the transfer.

Benefits of completing this form online

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Assignment of Lien - Corporation

Note: This summary is not intended to be an all inclusive discussion of New Mexico'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 claim a lien in this State?

Every person performing labor upon, providing or hauling equipment, tools or machinery for or furnishing materials to be used in the construction, alteration or repair of any mine, building, wharf, bridge, ditch, flume, tunnel, fence, machinery, railroad, road or aqueduct to create hydraulic power or any other structure, who performs labor in any mine or is a registered surveyor or who surveys real property has a lien upon the same for the work or labor done, for the specific contract or agreed upon charge for the surveying or equipment, tools or machinery hauled or provided or materials furnished by each respectively, whether done, provided, hauled or furnished at the instance of the owner of the building or other improvement or his agent.

How long does a party have to claim a lien?

Every original contractor, within one hundred and twenty days after the completion of his contract, and every person, except the original contractor, desiring to claim a lien pursuant to Sections 48-2-1 through 48-2-19 NMSA 1978, must, within ninety days after the completion of any building, improvement or structure, or after the completion of the alteration or repair thereof, or the performance of any labor in a mining claim, file for record with the county clerk of the county in which such property or some part thereof is situated, a claim containing a statement of his demands, after deducting all just credits and offsets.

What kind of notice is required prior to filing a lien?

No lien of a mechanic or a materialman claimed in an amount of more than five thousand dollars ($5,000) may be enforced by action or otherwise unless the lien claimant has given notice in writing of his right to claim a lien in the event of nonpayment and that notice was given not more than sixty days after initially furnishing work or materials, or both, by either certified mail, return receipt requested, Fax with acknowledgment or personal delivery.

How long is a lien good for?

No lien provided for in Sections 48-2-1 through 48-2-17 NMSA 1978 remains valid for a longer period than two years after the claim of lien has been filed unless proceedings have been commenced in a court of competent jurisdiction within that time to enforce the lien.

Are liens assignable?

New Mexico statutes on construction liens do not specifically speak to whether liens may be assigned to other parties.

Does this State require or provide for a notice from subcontractors and laborers to property owners?

Yes. A lien claim of more that $5,000 must be preceded by a Notice of Right to Claim a Lien. In addition, a subcontractor or other party may make a written demand to the contractor or property owner, requesting information vital to the filing of a lien claim. The owner or contractor must respond within five (5) days or risk losing important defenses in any legal action that follows.

Does this State require or provide for a notice from the property owner to the contractor, subcontractor, or laborers?

New Mexico law does not provide or require specific notices from the property owner to contractors, subcontractors, or laborers, however, please see Notice of Non Responsibility, below.

Does this State require a notice prior to starting work, or after work has been completed?

No. New Mexico 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?

Yes. A party providing labor or material for the improvement of property is entitled to a lien against that property, unless the owner or person having or claiming an interest in the property shall, within three days after he shall have obtained knowledge of the construction, alteration or repair, or the intended construction, alteration or repair, give notice that he will not be responsible for the same, by posting a notice in writing to the effect, in some conspicuous place upon said land, or upon the building or other improvement situated thereon.

Is a notice attesting to the satisfaction of a lien provided for or required?

No. New Mexico statutes do not provide for or require that a lien holder who has been paid produce or file a notice to that effect.

By what method does the law of this State permit the release of a lien?

The owner of any building, mining claim, improvement or structure subject to a lien under Sections 48-2-1 through 48-2-17 NMSA 1978 may petition the district court for the county in which the property or a part thereof is located for an order cancelling the lien.