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New York Satisfaction of Mechanic's Lien

New York Satisfaction of Mechanic's Lien

Name: New York Satisfaction of Mechanic's Lien
Brand: US Legal Forms
Price: 59.00 USD
Rating: 4.87 (291 reviews)

Category:

New York Affidavits

State:

New York

Control #:

NY-S008ST

Format:

Instant download

Description

This form is a release of a lien. A mechanic's (or construction) lien is a claim created by statute to secure priority of payment for labor performed or materials furnished in the making of improvements on real property. A mechanic's lien attaches to the land as well as improvements on the land. A New York Satisfaction of Mechanic's Lien is a legal document that is filed with local government offices to release a lien that has been placed on a property. This document is usually filed by a contractor, subcontractor, or supplier, after they have been paid in full for their work. There are two types of New York Satisfaction of Mechanic’s Lien: One is the “Regular Satisfaction of Mechanic's Lien” which releases a lien placed on a property for any type of labor or materials. The other type is the “Special Satisfaction of Mechanic's Lien” which releases a lien placed on a property for the specific labor or materials provided. Both types of Satisfaction of Mechanic's Lien must include the name and address of the lie nor, name and address of the person who created the lien, the amount of the lien, and the date the lien was satisfied.

A New York Satisfaction of Mechanic's Lien is a legal document that is filed with local government offices to release a lien that has been placed on a property. This document is usually filed by a contractor, subcontractor, or supplier, after they have been paid in full for their work. There are two types of New York Satisfaction of Mechanic’s Lien: One is the “Regular Satisfaction of Mechanic's Lien” which releases a lien placed on a property for any type of labor or materials. The other type is the “Special Satisfaction of Mechanic's Lien” which releases a lien placed on a property for the specific labor or materials provided. Both types of Satisfaction of Mechanic's Lien must include the name and address of the lie nor, name and address of the person who created the lien, the amount of the lien, and the date the lien was satisfied.

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FAQ

Until service of the notice has been made, as above provided, an owner, without knowledge of the lien, shall be protected in any payment made in good faith to any contractor or other person claiming a lien.

If you work or provide material to a contractor or subcontractor of a public improvement project for the City, you can file a Notice of Lien. A lien is a legal claim against property for outstanding debt. You can file the notice before the project is completed or within thirty days of completion.

The mechanics lien remains valid for one year provided the affidavit of service of lien is properly completed and filed. The one year time period is measured from filing in the County Clerks Office.

New York Lien Law § 20 provides that an owner may discharge a mechanic's lien by the payment of money into court. Before a lien foreclosure action is commenced, the discharge is effectuated by depositing with the county clerk a payment equal to the amount claimed in the lien, with interest to the time of the deposit.

Generally, the bank who made the loan has first priority, but sometimes, unpaid subcontractors or suppliers have first priority if the mortgage lender failed to comply with the applicable rules.

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Once the claimant has been paid for the full value of the lien (or a lesser, agreedupon amount), they will need to complete the lien release. Minnesota Uniform Conveyancing Blanks.(If lien is released with respect to only part of the property or with respect to an amount smaller than the total claimed, indicate conditions:). A contractor who is supposed to be licensed, but is not, cannot file a mechanic's lien, even if all other provisions of the contract have been met. PLEASE TAKE NOTICE that Sample Company LLC, Lienor, had and claimed a. In most cases, your contractor must give you written notice of intent to file a lien if the contractor is not paid. (If lien is released with respect to only part of the property or with respect to an amount smaller than the total claimed, indicate conditions:). Owner;; Construction lender; and; Surety (in the case of a payment bond). The Claim for which Lien was file in the Office of the Recorder of Deeds of. County,. State of Illinois, on.

New York Satisfaction of Mechanic's Lien

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