I am looking to replace a surety bond for a mechanics lien that is secured with a letter of credit for a new one that is secured with a personal line of credit Is this possible
1 reply
Jul 8, 2020
I'm not certain what the surety bond provider will accept as collateral for a bond, but reaching out to the surety company should help to straighten things out and see what is acceptable. Potentially, reaching out to the surety about simply swapping out the collateral for the current bond might be an option, as well.
Rhode Island's mechanics lien statute doesn't say anything about swapping out a bond after a lien has been bonded off, but I suppose it might be possible. The surety might have more information on that, as well.