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Certificate of Satisfaction of Stop Notice Claim or Notice to...

Nassau New York Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds

Category:

Construction - Stop Payment

State:

Multi-State

County:

Nassau

Control #:

US-01040BG

Format:

Instant download

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 bonded stop notice is defined as a stop notice given to a con- struction lender that is accompanied by a bond in a penal sum equal to 1.25 times the amount of the claim. 5 A construction lender is only obligated to withhold funds from an owner/borrower if properly served with a bonded stop notice.

A person that has a lien right under Chapter 4 (commencing with Section 8400) may give a construction lender a stop payment notice. (Added by Stats.

A stop notice is a document given for the purpose of stopping, intercepting, or freezing funds that have not yet been paid on a construction project in an attempt to ensure payment.

Unlike a mechanics lien which actually attaches to the real property itself and encumbers it, the stop notice document doesn't usually get filed and recorded in the real property records.

A stop notice can be issued by anyone that has mechanics lien rights. So if a subcontractor or material supplier has the legal right to issue a mechanics or material man's lien, that entity or that person has a right to issue a stop notice.

A stop notice is sent to the owner to assert your right for the amount yet to be paid out on the project. It lets the owner know you are owed money by the general contractor or a lower tier subcontractor. The effect is the owner must stop payment in the amount of your claim until the claim is resolved.

As mentioned above, stop notices are not filed in the property records, or anywhere else, for that matter. Stop notices are sent to the parties on the project, by the manner outlined by the state-specific law. The method of sending varies between states, but each state's rules must be strictly complied with.

A stop payment notice (commonly referred to as a stop notice) is a claimant's written demand to the party holding construction funds (usually the owner or construction lender) to withhold a specified amount from the moneys otherwise due to the general contractor on a construction project.

A stop notice is a document given for the purpose of stopping, intercepting, or freezing funds that have not yet been paid on a construction project in an attempt to ensure payment.

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