New York Release of Lien for Contractor
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How to fill out Release Of Lien For Contractor?
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FAQ
An order for the surrender of such moneys to the lienor or depositor may be made by any court of record having jurisdiction of the parties. If no action is brought in a court of record to enforce such lien, such order may be made by any judge of a court of record.
One method to discharge a ny mechanic's lien is by discharging through a bond or deposit. N.Y. Lien Law §19. To discharge a mechanic's lien in this manner, an owner or contractor may file a bond with the public entity or clerk of the county in which the mechanic's lien was filed.
An original judgment lien is valid for 10 years. If the judgment isn't paid by the end of the first 10 years, then the judgment creditor can seek a renewal judgment on the lien that would be valid for another 10 years.
New York Lien Law § 19(4) allows a lien to be discharge by filing a bond securing up to 110% of the amount claimed. A mechanic's lien discharge bond is executed by the principal, which requests the bond, and the surety, a financial services company which guarantees payment if the lien claim is proved.
The application must be made upon a verified petition accompanied by other written proof showing a proper case therefor, and upon the approval of the application by the court, justice or judge, an order shall be made discharging the alleged lien of record.
New York prohibits the waiving of lien rights prior to performance. Furthermore, waivers cannot be made in advance of payment, but only with, or after, payment. New York has no requirement that a lien waiver must be notarized. Furthermore, electronic signatures are valid on all lien waivers.
Protect Yourself With a Release of Lien (Lien Waiver) Fortunately, it's a simple process. A Lien Waiver is similar to a receipt. It basically states that you've paid the subcontractor what is owed, they accept the payment in full, and they waive the right to put a lien on your property.
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.
