Quic question ... I am a GC and a sub put a lien for $91,000 of unpaid balance. The owner has been paying off and obtaining partial releases of lien ., up to $81,000. Can I put a bond for the remaining portion?
Yes, there is a mechanism in the lien law for bonding off liens. There is a formula which takes into account the lien amount, future interest and attorney's fees. The partial releases may create some confusion in the clerk's office, since the bond amount is based off of the lien amount which, in your case, should be adjusted down based on the partial release. If you run into problems with the clerk's office, you may need an attorney's help to sort it out so that you do not overpay to bond off the liens.