The mechanic’s lien process was created to provide security and promote recovery for those that furnish materials or labor to the improvement of real property. The first step in properly securing mechanic’s lien or bond claim rights is to serve a preliminary notice. The preliminary notice will be the focus of this article, but first, a bit of history.
Instant History…
In the late 1700’s, as the American Colonies were growing, there was mounting apprehension among suppliers of goods. If a supplier sold goods on open credit and those goods were incorporated into a piece of real property, the supplier couldn’t retrieve the goods in the event the buyer didn’t settle their debt. Then, in 1791, Thomas Jefferson presented the Mechanic’s Lien Act to the Maryland legislature, with the hope that providing suppliers with a form of credit security would encourage building and growth.
And Now…
The core functionality of the Mechanic’s Lien Act is essentially the same as it was in the late 1700’s: to offer security to persons supplying labor and/or materials for the improvement of real property. However, since its inception, each state has adopted and modified its own laws with regard to the mechanic’s lien, and no two states are the same.
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Agenda
Faculty
Kristin Alford
NCS
Kristin Alford is the Education & Marketing Specialist for NCS, the leader in providing credit professionals throughout the U.S. and Canada with proactive solutions to secure receivables, minimize credit risk and improve profitability. With uncompromising standards for professional support, NCS ensures our service groups exceed your expectations and successfully secure your tomorrow.
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