Making Sense of Mechanic’s Liens, A Practical Introduction (Part of Commercial Construction Collections Specialist)
This is the first of a series of sessions designed for commercial credit executives in the building and construction arena. The first mechanic’s lien was filed in Maryland in 1791, and today mechanic’s liens remain a vital part of construction credit. Topics covered in this module include The History Behind Mechanic’s Liens, Construction Credit Terminology, Justifying Extension of Credit, Lien Right Requirements, the Three Steps of the Mechanic’s Lien Process, Capturing Information, Managing State Statutes, Lien Foreclosure, and Public Construction. After successful completion of this module the student will understand the unique nature of construction credit, the three lien rights requirements, when and why to file a preliminary notice, the three parts to the mechanic’s lien filing process (preliminary notice filing, mechanic’s lien filing and foreclosure), how to collect and use information, and the difference between dealing with a public or private entity.