Mechanic’s Lien Release Bond: Frequently Asked Questions

by Neil Pedersen | Sep 6, 2019 | Suretyship

A lien is a mechanism used by contractors and suppliers to force payment of outstanding monies due from the owner, tenant or landowner. A Mechanic’s Lien will assure that the owner completes all required payments to the contractors participating in the project. It is...

Discharge of Mechanic’s Lien for Public Improvement Bond in New York

by Neil Pedersen | Oct 23, 2013 | Bonding Procedures, Court Bonds, Miscellaneous Bonds, Suretyship

Discharge of Mechanic’s Lien for Public Improvement bonds are very rare but they share some similarities to regular Discharge of Mechanic’s Lien (DML) bonds. These bonds arise in situations where a subcontractor, hired by a Principal contractor, has not received...

Cancelling a Notice of Pendency

by admin | Jul 6, 2020 | Bonding Procedures, Court Bonds

(3 minutes to read) Today, I’d like to talk about the New York Consolidated Laws, Civil Practice Law, and Rules — CVP § 6515 subsection (2), which concerns the cancellation of a Notice of Pendency where both the plaintiff and the defendant are required to post...

What Is a Money Transmitter Bond?

by admin | Jan 7, 2020 | Bonding Procedures, Miscellaneous Bonds

A Money Transmitter Bond is a surety bond that represents a three party agreement between a principal, an obligee, and a surety. The principal is the one who needs the bond (you), the obligee is the state agency requiring you to get the bond, and the surety bond...

Federal Rule 62 & Supersedeas Bonds: What You Need to Know

by admin | Nov 6, 2019 | Supersedeas Bonds

Federal Rule 62, Stay of Proceedings to Enforce a Judgment. Subsection (a): Except as provided in Rule 62(c) and (d), execution on a judgment and proceedings to enforce it are stayed for 30 days after its entry, unless the court orders otherwise.  To obtain a stay...