Wake North Carolina Assignment of Lien by General Contractor

• Category: Liens - Construction - Mechanics
• State: Multi-State
• County: Wake
• Control #: US-02836BG
• Format: Word; Rich Text

Description

This form is an example of an assignment of a mechanic's lien. By virtue of express statutes in most states, mechanics and materialmen (persons who furnish materials for the erection of houses or other buildings), are entitled to a lien or preference in the payment of debts out of the houses and buildings so erected and to the land on which they are erected. Wake North Carolina Assignment of Lien by General Contractor: A Detailed Description Introduction: In Wake County, North Carolina, an Assignment of Lien by General Contractor is a legal document executed by a general contractor to transfer their lien rights over a property. This assignment allows the general contractor to transfer their claim for unpaid work or materials provided to another party, usually a subcontractor or material supplier. The document ensures that the general contractor is no longer responsible for pursuing the lien and transfers their rights and interests to the assignee, granting them the authority to pursue payment. Key Terms: — Wake North Carolina: Refers to Wake County, a county located in the state of North Carolina. It is the second-most populous county in the state and encompasses the city of Raleigh, as well as numerous towns and municipalities. — Assignment of Lien: This legal document allows a general contractor to transfer their rights and interests in a property lien to another party, effectively passing on the responsibility of collecting payment for completed work or supplied materials. — General Contractor: In construction projects, the general contractor is typically the party responsible for overseeing the entire project, coordinating subcontractors, and ensuring the completion of the project. Types of Wake North Carolina Assignment of Lien by General Contractor: 1. Assignment of Mechanic's Lien: This type of assignment of lien is specific to construction or renovation projects where a general contractor assigns their lien rights over a property to a subcontractor. It allows subcontractors to assert their own lien rights against the property to secure payment for their services or materials. 2. Assignment of Material Supplier's Lien: In cases where a general contractor has unpaid bills to a material supplier, they can use this assignment of lien to transfer their rights to the material supplier. By assigning the lien, the general contractor enables the material supplier to place a lien on the property and proceed with legal action to recover the owed amount from the property owner. 3. Assignment of Third Party's Lien: This type of assignment occurs when a general contractor assigns their lien rights to a third party that may not be directly involved in the construction project but holds a legitimate claim against the property owner. The third party could be an attorney, debt collector, or another entity responsible for pursuing the lien on behalf of the general contractor. Conclusion: The Wake North Carolina Assignment of Lien by General Contractor is a legal document that allows general contractors to assign their lien rights to another party. This assignment ensures that the general contractor is no longer responsible for pursuing the lien and transfers their rights to the assignee. Different types of assignments include Mechanics Lien, Material Supplier's Lien, and Third-Party Lien Assignments. These documents play a pivotal role in securing payment for completed work or materials in construction projects in Wake County, North Carolina.

Wake North Carolina Assignment of Lien by General Contractor: A Detailed Description Introduction: In Wake County, North Carolina, an Assignment of Lien by General Contractor is a legal document executed by a general contractor to transfer their lien rights over a property. This assignment allows the general contractor to transfer their claim for unpaid work or materials provided to another party, usually a subcontractor or material supplier. The document ensures that the general contractor is no longer responsible for pursuing the lien and transfers their rights and interests to the assignee, granting them the authority to pursue payment. Key Terms: — Wake North Carolina: Refers to Wake County, a county located in the state of North Carolina. It is the second-most populous county in the state and encompasses the city of Raleigh, as well as numerous towns and municipalities. — Assignment of Lien: This legal document allows a general contractor to transfer their rights and interests in a property lien to another party, effectively passing on the responsibility of collecting payment for completed work or supplied materials. — General Contractor: In construction projects, the general contractor is typically the party responsible for overseeing the entire project, coordinating subcontractors, and ensuring the completion of the project. Types of Wake North Carolina Assignment of Lien by General Contractor: 1. Assignment of Mechanic's Lien: This type of assignment of lien is specific to construction or renovation projects where a general contractor assigns their lien rights over a property to a subcontractor. It allows subcontractors to assert their own lien rights against the property to secure payment for their services or materials. 2. Assignment of Material Supplier's Lien: In cases where a general contractor has unpaid bills to a material supplier, they can use this assignment of lien to transfer their rights to the material supplier. By assigning the lien, the general contractor enables the material supplier to place a lien on the property and proceed with legal action to recover the owed amount from the property owner. 3. Assignment of Third Party's Lien: This type of assignment occurs when a general contractor assigns their lien rights to a third party that may not be directly involved in the construction project but holds a legitimate claim against the property owner. The third party could be an attorney, debt collector, or another entity responsible for pursuing the lien on behalf of the general contractor. Conclusion: The Wake North Carolina Assignment of Lien by General Contractor is a legal document that allows general contractors to assign their lien rights to another party. This assignment ensures that the general contractor is no longer responsible for pursuing the lien and transfers their rights to the assignee. Different types of assignments include Mechanics Lien, Material Supplier's Lien, and Third-Party Lien Assignments. These documents play a pivotal role in securing payment for completed work or materials in construction projects in Wake County, North Carolina.