Bond Off
verb
To remove a mechanics lien by placing the security interest on a surety bond.
In many states, an owner or contractor may purchase a surety bond to replace liened property. This may cause a temporary release of the lien, during which time the owner or contractor must either take the claimant to court and and prove they don’t have the right to lien because they are not owed the money, or pay the claimant whatever the disputed amount is. When a lien has been bonded off, a claimant may have to make a separate claim against the new bond.
Also seen as
- Bond Around
Words related to “Bond Off”
