A Lien Change for the Better (Guest Post at ZLien)
Originally posted 2012-05-15 15:20:37. Republished by Blog Post Promoter
During the recent General Assembly session, the Virginia legislature made a great change to the Virginia mechanic’s lien statute. I blog about it at the Zlien Blog.
Here’s an excerpt of my post.
The recent changes to Va. Code §43-3 (effective July 1, 2012) clarify several points regarding the allocation of lien amounts to individual lots. The main points of clarification are as follows:
- Common areas are explicitly excluded from the “denominator” of the lien allocation equation. In other words, where there are 10 home sites and one common area, a site or utility contractor no longer needs to worry if it should allocate part of its lien amount to the common area and can safely allocate the amount owed to the ten home sites.
- Traffic signalization, and installation of electric, gas, cable, or other utilities are explicitly included in the definition of “site development improvements
- Any payments to the contractor for which the owner/developer does not designate a particular lot will apply to any previously sold lot and the remaining lots will continue to bear their share of the liability.
Check out the entire post and thanks to Scott Wolfe for giving me the opportunity, yet again, to post at his great mechanic’s lien resource.
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- Thanks Again to The Lien Blog
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