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Essay

Liens

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Issue:

Business

 

Written by:

Frank B

 

Date added:

September 22, 2014

 

Level:

 

Grade:

A

 

No of pages / words:

2 / 352

 

Was viewed:

5342 times

 

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Essay content:

There are several types of liens that serve a specific purpose. The style of lien that protects contractors and subcontractors is called a mechanics lien. A materialman’s lien protects a material provider from non payment. According to the text, there are two different systems that most states follow for the establishment of mechanic and materialman liens...
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They are referred to as the New York and Pennsylvania systems. The biggest difference is that with the New York system, the contractors and material providers can take out a lien for the specific amount owed at the time the lien is filed. Under the Pennsylvania system, a lien can be filed for the ‘value’ of the labor or materials...
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