New York Satisfaction of Mechanics Lien is the process of releasing a lien that has been placed on a property due to unpaid debt for labor or materials used for construction or repairs. New York State Law requires that the lien holder must give notice to the owner of the property and the lie nor to file a satisfaction of the lien within 10 days of the payment being made. This satisfaction must provide details about the payment and the parties involved. There are two different types of New York Satisfaction of Mechanics Lien. The first is a general satisfaction of lien, which is used when the lie nor and lien holder reach an agreement over the payment and all parties agree to have the lien released. The second is an absolute satisfaction of lien, which is used when the lie nor and lien holder are unable to agree and the lien holder agrees to release the lien without a payment.
New York Satisfaction of Mechanics Lien
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FAQ
To enforce a mechanic's lien, it is necessary to commence a lawsuit and file a notice of pendency before it expires. Lien Law § 17. If the lienor fails to foreclose on the lien before it expires, the lien is automatically extinguished, though it may still be possible to commence a lawsuit for breach of contract.
Court Petition to Release the Property Lien If the lien claimant doesn't remove the invalid lien, and the time has expired to record the mechanics lien and take action to foreclose, you may petition the court for a decree to release the property from the lien.
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.
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.
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.
In New York, a mechanic's lien must be filed in the clerk's office of the county where the property is located. When Must a Mechanic's Lien Be Filed? A mechanic's lien can be filed during the course of a construction project when payment becomes due, or it can be filed after the project is completed.
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.