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The question is posted in "tell us about your situation" section below

New YorkBonding Off Lien
Anonymous Contractor

Hello, I have a question about bonding off mechanic's lien in New York. From what I understand, the owner of the property or general contractor may opt to bonding off the lien and in order to do that a surety company should be retained, which charges premium for it's services. Is it possible for the contractor/property owner to deposit the bond amount directly to, say, the court without retaining surety company? Does the law allow to do that? Thank you.

1 reply

Attorney at Greenspoon Marder
| 54 reviews
Sep 8, 2021
The law does allow cash to be posted, but there may be poundage of 3% per year charged by the Sheriff, so you need to investigate. a bond might be less costly
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