Menu
Home>Levelset Community>Legal Help>How do I get the funds back from a bond?

How do I get the funds back from a bond?

MassachusettsBonding Off Lien

A vendor placed a lien on our personal property even after admitting fault of damage to our home in written communication. We were not notified of the mechanics lien. We only found out when we went to take a draw on our construction loan. In turn, we secured a bond. After the 90 days has expired from the date the bond was filed with the Registry, how to we go about getting our money released from the bond company?

1 reply

Mar 10, 2020
If you secured a surety bond to bond off a lien filed against your property, then the surety company should probably be the point of contact for questions about the bond. Ultimately, your options or next steps will likely be dictated by that surety. If a premium was paid for the bond, but if additional money didn't change hands, then I'm not sure that the surety would consider returning the premium. If the surety required additional funds to hold as collateral for securing the bond, then that money should be recoverable, to some degree. And, contacting your point of contact at the surety company would probably be a good next step. Though, the documentation they provided you regarding the bond should probably provide some insight into how to recover your money after the threat of a claim has dissipated. Ultimately, though, the Massachusetts mechanics lien statute doesn't seem to provide much insight on this matter, and I don't have personal experience with bonding off mechanics liens in Massachusetts. So, if the surety isn't helpful in communicating how to recover your money, then consulting a local Massachusetts construction attorney, such as Andrea Goldman, might be a good idea.
0 people found this helpful
Helpful