Ch 16 Virginia Mechanic's And Materialmen's Lien Law

Front 1

What is a lean?

Back 1

Mechanic's and Materialmen's Liens "cloud" the title to real property but can be an effective method for securing payment for labor and materials used in the improvement of real property. The lean stops the owner from selling the property with a clear title.

Front 2

State statutes designate lien rights for a contractor, subcontractor, laborer, or material supplier who supplies labor or furnishes material in the amount of ______ or more for the construction, removal, repair, or improvement of any building or structure

Back 2

$50

Front 3

To preserve lien rights, a Memorandum of lien must be filed no later than ____ days from the last day of the month after labor and/or materials have been furnished, but not later then ____days after project completion to termination of the work on the project.

Back 3

90 days

Front 4

Subcontractor Amounts Claimed. The amount calmed cannot...

Back 4

exceed the amount in which the owner is or will become indebted to the general contractor.

Front 5

Action to foreclose on the lien must commence with in...

Back 5

six months form the time when the Memorandum of lien was recorded or after sixty days form the time of the project completion whichever occurs last.