Asked by jayden pineda on Jun 12, 2024
Verified
Most state laws say that a valid mechanic's lien has priority over all other liens that attach after the first work is performed or the first materials are furnished.
Mechanic's Lien
is a legal claim against a property for unpaid construction work or supplies, giving workers and suppliers a form of security for their investment.
Priority
In legal and financial contexts, it refers to the order of precedence in rights, claims, access, or treatment.
- Identify the judicial procedures safeguarding the rights of creditors, such as liens and the foreclosure process.
- Understand the significance and influence of statutory liens in safeguarding the rights of artisans and subcontractors.
Verified Answer
MK
Manishaa KhannaJun 19, 2024
Final Answer :
True
Explanation :
The provisions for priorities vary widely,but most of the statutes provide that a mechanic's lien has priority over all liens attaching after the first work is performed or after the first materials are furnished.
Learning Objectives
- Identify the judicial procedures safeguarding the rights of creditors, such as liens and the foreclosure process.
- Understand the significance and influence of statutory liens in safeguarding the rights of artisans and subcontractors.
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