Controversies between contractors and property owners are common. State laws grant contractors and materials suppliers certain rights to lien project property when a debt is due to them. Fortunately there are mechanisms available to unencumber parcels of real property. A Kentucky mechanic's lien release bond is an appropriate instrument for speedy resolution of an encumbrance.
Pursuant to KS 376.100, The owner of property against which a lien has been filed or any contractor or other person contracting with the owner for the completion of any improvements or services for which a lien is created or any subcontractor or other person in privity with the contractor, may file a Kentucky lien discharge bond with the county clerk in which the lien was recorded. The surety bond must be filed before any judgment on the matter has been rendered by a competent court of law. The lien release bond must be executed in an amount double the amount of the lien claimed and by 'good sureties' which must be approved by the clerk. The surety bond obligation is conditioned upon the obligors satisfying any judgment that may be rendered in favor of the lienholder. The bond must be retained by the clerk and upon its delivery, the clerk must discharge the lien. The lienholder may thereafter name the filer and surety as parties to any action to enforce his or her lien claim. Any judgment recovered may be against all or any of the obligors on the bond.
Kentucky surety bond leader, Surety One, Inc. is THE most responsive underwriter of lien discharge bonds in the nation. Our expertise in drafting surety bond forms for acceptable recording, same day underwriting, immediate bond execution and delivery are unparalleled. We underwrite mechanic's lien release bonds in all fifty states, Puerto Rico and U.S. Virgin Islands. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here for a live chat for application materials and assistance with your Kentucky mechanic's lien release bond or any other surety need.
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