New York Satisfaction of Mechanics's Lien is a legal document used in the state of New York to record the complete satisfaction of a mechanic's lien. A mechanic's lien is a legal claim placed against a property by a contractor, subcontractor, supplier, or laborer who has provided labor or materials to improve a property but has not been compensated. In order to clear the lien from the property, the lien holder must file a Satisfaction of Mechanics's Lien, which is a document that acknowledges the debt has been paid. The most common types of New York Satisfaction of Mechanics's Lien are the Full Satisfaction and the Partial Satisfaction. A Full Satisfaction is used when the debt has been paid in full and the lien is completely cleared from the property. A Partial Satisfaction is used when the debt has been paid, but not in full. In this case, the lien is partially cleared, and the remaining balance is still due.
New York Satisfaction of Mechanics's Lien
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