This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.
A Tennessee Partial Release of Mechanic's or Construction Lien is a legal document that allows a lien holder to release a specific portion of their lien on a property. This type of release is relevant in situations where the lien holder has been compensated for a part of their lien, but not for the entirety of the amount owed. It is often used in construction or renovation projects, where contractors or suppliers may file a lien on a property to secure payment for work or materials. The Tennessee Partial Release of Mechanic's or Construction Lien provides protection for property owners, as it allows them to remove a portion of the lien against their property once the corresponding payment has been made. This release ensures that the property owner's assets are not fully encumbered by the lien, providing them with the flexibility to sell or refinance the property. Different types of Tennessee Partial Release of Mechanic's or Construction Lien may include: 1. Partial Release by Percentage: This type of release allows a lien holder to release a specific percentage of their lien upon receiving a corresponding payment. For example, if the lien holder has a $10,000 lien on a property and receives a payment of $5,000, they can file a partial release to release 50% of the lien amount. 2. Partial Release by Dollar Amount: In this case, the lien holder specifies a dollar amount that they are willing to release from their lien upon receiving payment. For instance, if the lien holder has a $20,000 lien on a property and receives a payment of $10,000, they can file a partial release to release a specific dollar amount, such as $5,000, from their lien. 3. Partial Release by Specific Property: This type of release allows the lien holder to release their lien on a specific part or portion of the property. For instance, if a contractor filed a lien on both the land and the building, and the payment received only covers the building, they can file a partial release to release the lien on the building while keeping the lien intact on the land. It is important to note that the exact requirements and procedures for a Tennessee Partial Release of Mechanic's or Construction Lien may vary, and it is advisable to consult with a qualified attorney or legal professional to ensure compliance with the applicable laws and regulations. Additionally, executing a partial release accurately and promptly is crucial to maintaining a good working relationship between the lien holder and property owner, as well as to facilitate the smooth progression of the construction or renovation project.
