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  • Certificate of Satisfaction of Stop Notice Claim or Notice to...

Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds

Category:
Construction - Stop Payment
State:
Multi-State
Control #:
US-01040BG
Format:
Word; 
Rich Text
Instant download
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Description Certificate Satisfaction Claim

The right to execute and deliver a stop notice or a notice to withhold funds is a remedy closely related to a mechanic's lien. When a stop notice or a notice to withhold funds is received by an individual or a firm holding the construction funds for a project, the individual or firm must withhold from its disbursements sufficient money to satisfy the stop notice claim. In this form, the claimant is informing the appropriate court clerk that he has settled the claim and is authorizing the court clerk to discharge of record the Stop Notice.


This form is a generic example that may be referred to when preparing such a form for your particular state. It is for illustrative purposes only. Local laws should be consulted to determine any specific requirements for such a form in a particular jurisdiction.

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FAQ

A stop notice is a document given for the purpose of stopping, intercepting, or freezing funds that have not yet been paid on a construction project in an attempt to ensure payment.In California, the 20-day preliminary notice must have been sent in order for a Stop Payment Notice to take effect.

A bonded stop notice is defined as a stop notice given to a con- struction lender that is accompanied by a bond in a penal sum equal to 1.25 times the amount of the claim. 5 A construction lender is only obligated to withhold funds from an owner/borrower if properly served with a bonded stop notice.

Unlike a lien, a stop notice only freezes money not yet paid by the owner on the construction project. Also, unlike liens, the stop notice does not need to be filed in the clerk's records.A lien on property becomes public record and ties up title to the property until the lien claim is paid.

The name and address of the claimant; It is a good idea to include a statement of the claimant's demand and the jobsite location. The Stop Notice must be signed and verified by the claimant. The Stop Notice should include a statement demanding that sufficient funds be withheld to satisfy the claim with interest.

The name of the owner or reputed owner; The name and address of the direct contractor; The name and address of the construction lender, if any; A general description of the work furnished by the stop payment notice claimant;

The claimant should not be punished for the owner refusing or not claiming a mailing. The property owner has the right to notice, but if the owner refuses it or doesn't claim it, that's a waiver of that right, or at least a tactic or direct estoppel to the owner to later argue that the claimant didn't provide notice.

The California Stop Notice Release Bond states that the Claimant in the matter should receive judgement in any action brought on said Claim. The bond holder should pay said judgement and costs to Claimant in an amount not exceeding the sum specified in this undertaking.

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Certificate of Satisfaction of Stop Notice Claim or Notice to Withhold Funds
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