Friday, September 11, 2015

Bonds Instead of Mechanics Liens

Bonds Not LiensAnother state has entered the fray of allowing a bond to be placed instead of using mechanics liens.  This process allows a company to put up a bond so that the mechanics lien can be eliminated, which helps facilitate the sale of the property.See more at the article below.See our Facebook page here.See our Blogspot page here. Legislation Authorizes Bonding Over Mechanics’ Liens for the First Time in Illinoisposted on: Tuesday, August 25, 2015On July 29, 2015, Illinois enacted Public Act 99–0178, adding a new Section 38.1 (770 ILCS 60/38.1) to the Illinois Mechanics’ Lien Act (the Act). Section 38.1 authorizes interested parties in a mechanics’ lien dispute to petition for an order substituting an eligible surety bond for any lien rights arising in (1) the improved real property, and (2) the money or other consideration due or to become due from the

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