A Waiver of lein is a legal form. A waiver is a legal notification that you have a right that you are giving up if you sign.
A lein is often used by a tradesman who did not get paid for services, to put a claim for payment.
For example, if a trucker hauled a load of grain for a farmer from the harvest field to the elevator for storage, and the farmer did not pay the agreed upon fare, the trucker can place a lein on the farmer's grain in storage. The farmer cannot sell the grain until the trucker has been paid.
A second example, would be a subcontractor, such as a plumber or electrician who was unable to get his money from the contractor on a house. Subcontractors can put a lein on the house he helped to build. Then, the owner knows the contractor has not yet paid all the bills for the house, and will not pay the contractor all of the money for building the house. The owner might elect to pay the subcontractor himself, and to deduct the subcontractor's money from the settlement amount with the contractor.
In order to get paid by the homeowner, it is standard procedure for a contractor to have a signed waiver of lein from each subcontractor, to ensure the homeowner that all bills have been properly paid by the contractor, and once the homeowner pays the contractor, everything has been paid.
2006-06-09 07:47:46
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answer #1
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answered by elaine_classen 3
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Spend points? Are you nuts? Never spend points or you will be pointless.
2006-06-15 12:55:19
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answer #2
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answered by Anonymous
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