Pursuant to Colorado Revised Statute section 38-22-129(4), a construction lien may be deemed released upon the filing of a statement by the contractor and his surety that a satisfactory bond is in place and that the lien claimant is entitled to the benefits of said bond.
Title: A Comprehensive Guide to Lakewood Colorado Release of Lien Pursuant to Notice of Bond Introduction: A Lakewood Colorado Release of Lien Pursuant to Notice of Bond is a legal document that releases or removes a lien placed on a property or asset when a Notice of Bond has been issued. This document serves as an essential step in resolving liens and ensuring the free and clear transfer of ownership or settlement of debts. In Lakewood, Colorado, different types of releases can be obtained under specific circumstances. Let's delve into the details of this process and explore the various types of releases available: 1. Release of Lien Pursuant to Notice of Bond: This type of release is commonly used when a lien has been placed against a property or asset. The release is obtained after the property owner or interested party files a Notice of Bond, which offers financial assurance to resolve the underlying lien. Once the bond is approved and recorded, the Release of Lien Pursuant to Notice of Bond removes the lien, providing the necessary legal clearance for property transfers or financial transactions. 2. Partial Release of Lien Pursuant to Notice of Bond: A Partial Release of Lien Pursuant to Notice of Bond may be requested when there are multiple liens against a property, and the bond amount is sufficient to release only specific encumbrances. This release enables the removal of particular liens, leaving the remaining ones intact until alternative means of resolution are sought. 3. Final Release of Lien Pursuant to Notice of Bond: When all liens against a property have been fully resolved, the Final Release of Lien Pursuant to Notice of Bond is sought. This release provides absolute proof that all outstanding liens are settled, and the property is free from any further claims or encumbrances. 4. Release of Lien Pursuant to Notice of Bond for Subcontractors and Suppliers: In certain cases, subcontractors and suppliers may place a lien on a property when the primary contractor defaults on payment or fails to fulfill contractual obligations. To remove such liens, subcontractors or suppliers can follow the necessary procedures for filing a Notice of Bond, allowing them to request a Release of Lien Pursuant to Notice of Bond specific to their claim. Conclusion: Understanding the intricacies and types of Lakewood Colorado Release of Lien Pursuant to Notice of Bond is crucial for property owners, contractors, and related parties involved in construction projects or lien resolution. By familiarizing yourself with these procedures, you can successfully navigate the bond release process, ensuring the swift removal of liens and preserving the legal balance in property transactions.Title: A Comprehensive Guide to Lakewood Colorado Release of Lien Pursuant to Notice of Bond Introduction: A Lakewood Colorado Release of Lien Pursuant to Notice of Bond is a legal document that releases or removes a lien placed on a property or asset when a Notice of Bond has been issued. This document serves as an essential step in resolving liens and ensuring the free and clear transfer of ownership or settlement of debts. In Lakewood, Colorado, different types of releases can be obtained under specific circumstances. Let's delve into the details of this process and explore the various types of releases available: 1. Release of Lien Pursuant to Notice of Bond: This type of release is commonly used when a lien has been placed against a property or asset. The release is obtained after the property owner or interested party files a Notice of Bond, which offers financial assurance to resolve the underlying lien. Once the bond is approved and recorded, the Release of Lien Pursuant to Notice of Bond removes the lien, providing the necessary legal clearance for property transfers or financial transactions. 2. Partial Release of Lien Pursuant to Notice of Bond: A Partial Release of Lien Pursuant to Notice of Bond may be requested when there are multiple liens against a property, and the bond amount is sufficient to release only specific encumbrances. This release enables the removal of particular liens, leaving the remaining ones intact until alternative means of resolution are sought. 3. Final Release of Lien Pursuant to Notice of Bond: When all liens against a property have been fully resolved, the Final Release of Lien Pursuant to Notice of Bond is sought. This release provides absolute proof that all outstanding liens are settled, and the property is free from any further claims or encumbrances. 4. Release of Lien Pursuant to Notice of Bond for Subcontractors and Suppliers: In certain cases, subcontractors and suppliers may place a lien on a property when the primary contractor defaults on payment or fails to fulfill contractual obligations. To remove such liens, subcontractors or suppliers can follow the necessary procedures for filing a Notice of Bond, allowing them to request a Release of Lien Pursuant to Notice of Bond specific to their claim. Conclusion: Understanding the intricacies and types of Lakewood Colorado Release of Lien Pursuant to Notice of Bond is crucial for property owners, contractors, and related parties involved in construction projects or lien resolution. By familiarizing yourself with these procedures, you can successfully navigate the bond release process, ensuring the swift removal of liens and preserving the legal balance in property transactions.
