Critical. Correct. Complete. The Three C's of Job Information
In this article, we will review the vital role of job information in protecting your mechanic’s lien and bond claim rights.
The Important Role of Proofs of Delivery & Bills of Lading in the Mechanic's Lien Process
Did you know, failure to obtain and save copies of these documents can jeopardize your position as a secured party? Without proof that your materials made it to your customer or the job site, a judge could invalidate your claim, and the debtor or the owner could use the lack of proof as leverage in settlement negotiations.
Check out this infographic to learn more about the important role these documents play and what information should always appear on each proof of delivery or bill of lading.
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.