Understanding the Assignment of Mechanic's Lien & Bond Claim Rights
It's true, mechanic’s lien and bond claims may be assigned from one party to another. However, whether assignment rights are available will vary by state and circumstance.
In this infographic, you'll learn what it means to assign lien rights, who's involved in the assignment of rights, and whether rights are always assignable.
503(b)(9) Claims Are No Match for UCC Filings
503(b)(9) claims are no match for UCC filings! In bankruptcy, a properly perfected security interest, in compliance with UCC Article 9, has priority over unsecured creditors, creditors with administrative claims, 503(b)(9) claims, and even consignment agreements.
Quick Reference: Thresholds for Payment Bonds on Public Projects
Each state has its own statutes requiring payment bonds on construction projects. Some statutes may require that the general contractor obtain a payment bond on every construction project, and other states may only require a payment bond when the total value of the construction project exceeds a certain threshold. Additionally, the states vary in their requirements for the penal sum of the bond. The following is a guideline for public and federal projects. Please be aware that in some states, special statutes may apply for governmental entities not listed.
Quick Reference: Lien & Bond Claim Rights for Material Supplier to Material Supplier
Download this quick reference guide to see whether your state allows for mechanic's lien or bond claim rights for material suppliers selling to materials suppliers on construction projects.
Post 2010 Amendments, Article 9 of the Uniform Commercial Code is Popping Up in Courts
In this article, we review a few recent cases which address issues such as seriously misleading Financing Statements, compliance with Article § 9-503, a case relative to the right of repossession and, finally, a case on a properly perfected security interest in a liquor license.
The Importance of Complying with UCC Article 9
In this NCS Extra Credit installment, Marla Zurlo (Senior Account Representative) discusses the importance of complying with Article 9.
Join the NCS Credit Team!
Various members of our team share why they love working at NCS Credit.
Everything You Should Know about Notices of Commencement and Their Role in Securing Your Lien Rights
A notice of commencement is a notice typically recorded by the owner of a construction project, in the county where the project is located, prior to materials or services being provided to the project. Download this resource to learn more about Notices of Commencement and their critical role in securing mechanic's lien & bond claim rights!
What's the Difference Between Consignment and Bailment?
For creditors, Consignment and Bailment transactions get a little fuzzy. In this infographic we'll compare Consignment and Bailment and offer some best practices for you when securing your receivables.