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.
The New Mexico Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds is a legal document that signifies the resolution or release of a stop notice claim or a notice to withhold funds in the state of New Mexico. This document serves as proof that the obligation has been fulfilled, and the affected party's right to claim against the property or funds has been satisfied. There are two main types of certificates that fall under this category: the Certificate of Satisfaction of Stop Notice Claim and the Certificate of Satisfaction of Notice to Withhold Funds. These certificates have slightly different purposes, but both represent the completion of a specific legal process. The Certificate of Satisfaction of Stop Notice Claim is typically issued by a claimant, who has previously filed a stop notice against a property or project for non-payment. This document is submitted once the claimant receives the full payment or reaches an agreement with the party responsible for the payment. By issuing this certificate, the claimant acknowledges the settlement of the claim and relinquishes their right to further action against the property. On the other hand, the Certificate of Satisfaction of Notice to Withhold Funds is generally issued by a public entity, such as a governmental agency, to signify that all obligations requiring the withholding of funds from a specific contract or project have been fulfilled. This certificate is issued when the contractor or subcontractor has met the necessary requirements, such as providing proper documentation, meeting deadlines, or resolving any outstanding issues. In both cases, these certificates play a crucial role in the construction industry, ensuring transparency, fairness, and compliance with legal processes. They provide a clear record of the resolution of disputes and allow for future transactions or processes to proceed without any encumbrances related to the previous claims or withheld funds. It is important to note that the language, format, and specific requirements for these certificates may vary depending on the jurisdiction, project type, and contracting parties involved. It is advisable to consult with legal professionals or relevant authorities in New Mexico to obtain accurate and up-to-date information regarding the requirements for the New Mexico Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds.
