If you are in the construction business you probably know all about mechanics liens. They are used especially by those in the construction business. Actually, they have been used since the early days of our republic and were created by no less than Thomas Jefferson, of founding father fame.
What exactly is a mechanics lien? It is a legal vehicle that guarantees that builders, contractors and construction companies get paid for their work in the event that the project they worked on must be liquidated. For the firms that either repair or build buildings and the like, to get paid after a liquidation sale, a mechanics lien must be placed on the property.
Fortunately, such liens are paid off ahead of other debts that default when a property is liquidated. In many cases, without a mechanics lien, some builders would not be able to commence work on any given project. This is especially true of new developers or those who have a number of outstanding debts from previous projects.
Any lien placed on a project stays viable and in process until not only is the project completed but all construction and related costs have been paid off.
Since each one of the United States has their own laws related to this concept, if you live in Illinois, you would need a Mechanics’ Liens Attorney Lisle.
Obviously, this is a very specialized area of the law. If you are involved in a dispute regarding a lien of this type, you would definitely need a business lawyer who is very familiar with Mechanics’ Liens Attorney Lisle. To reach a law firm that deals with these areas of the law, reach out to the Keller Law Group.
