Question
1. instead of a single family dwelling, it is a municipal public library project . When must Subcontractor provide written notice of a bond claim?
1. instead of a single family dwelling, it is a municipal public library project . When must Subcontractor provide written notice of a bond claim? When must Subcontractor commence a lawsuit on its bond claim, assuming no extension of the deadline?
2.Contractor and Subcontractor both provide proper pre-lien notices to Owner on a single family home project. Subcontractor finishes his work on January 1st, 2018. Contractor finishes the entire project on March 1st, 2018. When must Subcontractor record his mechanic's lien statement in order to have an effective lien? When must Contractor?
Part 2 - Assume both Contractor and Subcontractor recorded their lien statements timely, but Owner still doesn't pay. When must Contractor commence a foreclosure action in order to have an effective lien claim? When must Subcontractor?
3.Describe the difference between a Conditional, Partial, and Final lien waiver.
4.Contractor contracts to build a single family home for Owner, and includes statutory pre-lien notice within its contract with the Owner. Contractor has the site surveyed and marked on June 1st. Owner's bank records a mortgage on July 3rd, just prior to leaving the office for a long Fourth of July weekend. Contractor hears from his own banker via email that Owner's bank had not yet recorded its mortgage, and Contractor has his excavator dig the basement on July 2nd. If the owner defaults on payment and Contractor has to file a mechanic's lien, who will have priority on the property, Contractor or Owner's bank? Why?
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