Wisconsin Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds

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Multi-State
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US-01040BG
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Description

The right to execute and deliver a stop notice or a notice to withhold funds is a remedy closely related to a mechanic's lien. When a stop notice or a notice to withhold funds is received by an individual or a firm holding the construction funds for a project, the individual or firm must withhold from its disbursements sufficient money to satisfy the stop notice claim. In this form, the claimant is informing the appropriate court clerk that he has settled the claim and is authorizing the court clerk to discharge of record the Stop Notice.


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.

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FAQ

A stop notice gives notice to the company issuing the securities that the person serving the notice regards himself as the holder of an equitable interest in the securities and has the effect of preventing the securities being dealt with before that person has an opportunity to assert his claim.

Wisconsin's construction lien law gives contractors, subcontractors, laborers, and material suppliers the right to file construction liens against the property they have worked on if they are not paid. Placing a lien on a property is one way in which payment can be collected.

The lien is created by filing a claim for lien with the office of the clerk of circuit court in the county where the property is located. This must be done no later than six months after the claimant has last performed work or provided materials.

A Stop payment notice, is a verified written notice signed by the claimant which formally notifies the property owner that the claimant has not been paid for their labor, services, equipments, or materials provided to the construction project.

(1) Every judgment properly entered in the judgment and lien docket showing the judgment debtor's place of residence shall, for 10 years from the date of entry, be a lien on all real property of every person against whom the judgment is entered which is in the county where the judgment is rendered, except homestead ...

Filing an Undertaking of A Wisconsin Lien Wisconsin Statute section 779.08 provides a process for releasing a lien called an ?undertaking.? An owner or other interested party, such as a general contractor, may pay 125% of the claimed amount to the clerk of courts.

In Wisconsin, a potential lien claimant must file a mechanics lien within 6 months after the last day on which labor and/or materials were furnished to the project, but at least 30 days after the filing of a Notice of Intention to File a Claim of Lien.

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Wisconsin Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds