Colorado Revised Statute section 38-22-109(10) allows a potential lien claimant to file a Notice of Lien Claim. Upon the termination of an agreement to provide labor, materials, or laborers, an owner may demand pursuant to section 38-22-109(11) that the party filing the Notice of Lien Claim file a termination of that notice. The termination should be filed in the office of the county clerk or recorder where the original notice was recorded.
Title: Thornton Colorado Termination of Notice of Lien by Corporation or LLC: Complete Guide Exploring Different Types Introduction: In Thornton, Colorado, a corporation or limited liability company (LLC) holding a Notice of Lien may find the need to terminate it under certain circumstances. This comprehensive guide aims to outline the process of terminating a Notice of Lien in Thornton, highlighting the importance of understanding different types of termination methods employed by corporations or LCS. Familiarize yourself with the following types of Thornton Colorado Termination of Notice of Lien by Corporation or LLC. 1. Voluntary Termination: Voluntary termination occurs when the corporation or LLC voluntarily decides to terminate the Notice of Lien. This could be due to several reasons, such as the settlement of the underlying debt, release of collateral, or adjustment of the lien claim. 2. Full Satisfaction Termination: Full satisfaction termination takes place when the corporation or LLC receives payment or other forms of compensation that fully satisfy the lien claim. Once the debt is settled completely, the entity terminates the Notice of Lien to release any encumbrance on the property. 3. Partial Satisfaction Termination: In cases where the corporation or LLC only receives a partial payment, they may opt for partial satisfaction termination. This type of termination acknowledges partial payment of the lien claim while retaining the remaining amount of the lien on the property. 4. Release of Collateral Termination: Sometimes, a corporation or LLC may secure a lien by using collateral. In such cases, if the debtor provides alternative collateral or pays off the debt, the corporation or LLC may opt for release of collateral termination. This releases the lien on the initial collateral, shifting it to the substitute collateral. 5. Estoppel Termination: Estoppel termination occurs when the entity realizes that there was an error or defect in filing the Notice of Lien, rendering it unenforceable. In such cases, the entity may file for an estoppel termination to nullify the faulty lien. 6. Expired Termination: A Notice of Lien has a specific lifespan, after which it expires automatically. In Thornton, Colorado, a lien filed by a corporation or LLC expires by operation of law after six months, unless otherwise extended. An expired termination indicates that the lien is no longer valid, and the entity should not attempt to enforce it further. Conclusion: Understanding the different types of Thornton Colorado Termination of Notice of Lien by Corporation or LLC is crucial for both the filing entity and the property owner. From voluntary termination to full satisfaction, partial satisfaction, release of collateral, estoppel, and expiration termination, each type serves a specific purpose in the lien termination process. By having a solid grasp of these termination methods, both corporations/LCS and property owners can navigate the complex landscape of lien terminations effectively and ensure their legal rights are protected.
