Explain the procedure for obtaining a mechanic's lien
What will be an ideal response?
Although the procedures for obtaining a mechanic's lien vary from state to state, the following requirements generally must be met:
1. The lienholder must file a notice of lien with the county recorder's office in the county in which the real property subject to the lien is located.
2. The notice must state the amount of the claim, the name of the claimant, the name of the owner of the real property, and a description of the real property.
3. The notice must be filed within a specified time period after the services have been performed or materials have been delivered.
4. Notice of the lien must be given to the owner of the real property.
You might also like to view...
Luccia's is a restaurant based in Illinois that exclusively sells Italian food. Luccia's sells the rights to its recipes to a British firm, Clover Trading, which then opens an outlet in London under the Luccia's brand name
Which kind of channel arrangement does Luccia's most likely have with Clover Trading? A) a horizontal marketing system B) a direct marketing system C) an administered vertical marketing system D) a contractual vertical marketing system E) a corporate vertical marketing system
Terminator Bug Company bonds have a 14% coupon rate. Interest is paid semiannually. The bonds have a par value of $1,000 and will mature 10 years from now. Compute the value of Terminator bonds if investors' required rate of return is 12%
A) $1,114.70 B) $1,149.39 C) $894.06 D) $1,000.00