Description: A New York Assignment of Lien by a General Contractor is a legal document used when a general contractor, who has provided services or materials for a construction project, wants to transfer their rights to a lien to another party. This document allows the general contractor to assign their claim for payment to someone else, typically a subcontractor or supplier, who was not originally included in the contract. Keywords: 1. New York Assignment of Lien: This refers to the legal transfer of a lien by a general contractor in the state of New York. It is important to note that lien laws and requirements may vary from state to state. 2. General Contractor: A general contractor is responsible for overseeing a construction project and hiring subcontractors, suppliers, and laborers. 3. Construction Lien: Also known as a mechanic's lien, it is a legal claim placed on a property to secure payment for work performed or materials supplied during a construction project. 4. Transfer of Rights: The act of transferring the claim for payment from the general contractor to another party, usually a subcontractor or supplier. 5. Subcontractor: A subcontractor is a company or individual hired by the general contractor to perform a specific task or provide materials for a construction project. Types of New York Assignment of Lien by General Contractor: 1. Direct Assignment: In this type, the general contractor assigns their rights under the lien directly to a specific party, such as a subcontractor or supplier who provided services or materials for the project. 2. Indirect Assignment: This type of assignment occurs when the general contractor assigns their lien rights to an intermediary, such as a bank or financial institution, who then handles the distribution of the payment to subcontractors and suppliers. 3. Partial Assignment: A general contractor may opt to assign only a portion of their lien rights, allowing for partial payment to subcontractors or suppliers while retaining a claim themselves. 4. Absolute Assignment: An absolute assignment involves the complete transfer of the general contractor's rights to a lien, leaving them with no claim for payment on the project. 5. Conditional Assignment: In certain cases, the general contractor may assign their lien rights with specific conditions or limitations, such as requiring the assignee to pursue legal action within a certain timeframe. It is essential for general contractors and parties involved in a construction project in New York to understand the intricacies of the Assignment of Lien process to ensure that their rights and payment claims are protected. Legal advice may be necessary to properly execute and navigate through the assignment process.
New York Assignment of Lien by General Contractor
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N.Y. Lien Law § 5. Public liens attach to the funds appropriated by the state or public corporation for the public improvement and due or to become due under the contract for the improvement.
Where the contract for an improvement is made with a husband or wife and the property belongs to the other or both, the husband or wife contracting shall also be presumed to be the agent of the other, unless such other having knowledge of the improvement shall, within ten days after learning of the contract give the ...
If labor is performed for, or materials furnished to, a contractor or subcontractor for an improvement, the lien shall not be for a sum greater than the sum earned and unpaid on the contract at the time of filing the notice of lien, and any sum subsequently earned thereon.
If a vehicle is towed at the request of a police official, Section 184(2) of the Lien Law requires the towing company to notify the vehicle owner by certified mail, return receipt requested, within 5 working days from the initial towing, that the garage is in possession of the vehicle.
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.
Pursuant to New York Lien Law § 3, an unpaid contractor, laborer, or materialman may file a mechanic's lien against privately owned real property for the value of the labor or material furnished. Mechanic's liens cannot be filed against publicly owned real property.
File A Lien In New York, a mechanics lien is generally effective for one year after its filing, and an action to enforce the lien must be initiated within that period of time. However, New York is one of the few states that allows the deadline to enforce a mechanics lien to be extended, potentially more than once.