Oregon Mechanic's Lien Release Bond
Chapter 87 of the Oregon general statutes regulates the use of a Oregon mechanic's lien release bond to accomplish the discharge of a lien against real property. A surety bond vacates and discharges a claim of lien filed by a contractor, subcontractor supplier or laborer if the filer adheres to the statutory requirements. Section (1) of 87.076 states that, "The owner of an improvement or land against which a lien perfected under ORS 87.035, or an interested person, may file with the recording officer of the county in whose jurisdiction the claim of lien is filed, an Oregon lien discharge bond executed by a surety authorized to issue surety bonds in the state. The obligation must guarantee that the principal or principals on the bond will pay the amount of the claim and all costs and attorney fees that are awarded against the improvement or land on account of the lien." The bond penalty (bond amount) must be equal to no less than one and one half times (150%) of the lien amount or one thousand dollars, whichever is greater.
A person may file the lien release bond at any time after the claim of lien is filed. A person filing the surety bond may deliver pursuant to ORS 87.018 (Delivery of notices) a written demand to the lienholder that a perfected lien be released and a notice that if the lien is not released the person may recover the actual costs the person incurred in complying with the lien statute AND 87.081 (Filing affidavit with county officer), or the sum of $500, whichever is greater. If the lien is not released within ten days of service of the demand and notice or the lienholder does not bring a suit to foreclose the lien within the time provided by stature, then the lienholder will be liable to the person for the actual costs to him or her incurred in complying with the law. An Oregon mechanics lien release bond is dissolved and exonerated by action of law pursuant to the above.
Oregon surety bond leader, Surety One, Inc. is THE most responsive underwriter of construction-related surety bonds in the nation. Our expertise in drafting surety bond forms acceptable to the county recorders and registers of deeds, same day application approval, 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. We are THE most agile and customer-focused underwriter of surety bonds in the U.S. Our experience, same day underwriting, immediate authenticated bond execution and delivery are unmatched. No other surety brokerage has the underwriting authorities that we do. Call (800) 373-2804, email Underwriting@SuretyOne.com or click here for a live chat for application materials and assistance with your Oregon mechanic's lien release bond.
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