NACM’s Secured Transaction Services (STS) brings best-in-class Notice, Lien and Bond Claim service options to today’s credit professional. Our UCC Filing Services provides assistance in the preparation, filing and maintenance of financing statements.
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Mississippi Lien Law Passes Senate, Moves to House
February 19, 2014
The process of enacting a new lien statute in Mississippi took another important step forward this week as Senate Bill 2622 sailed through the State Senate, passing on a 48-2 floor vote. Three minor amendments were negotiated in advance and included in the legislation as approved, but none of them are expected to affect subcontractors and materials suppliers in a meaningful way.Read more...
Arizona Abandons Registry Legislation, Urges Parties to Debate Over Summer
February 19, 2014
Companies in the construction industry operating in Arizona hoping for legislation that would consolidate the state's filing requirements into one online registry system will have to wait at least until next year for that to happen. A bill to establish just such a registry was sponsored in the state legislature by Representative Karen Fann, but after a meeting of stakeholders last week, the bill was withdrawn due to a number of significant issues with the legislation. Fann encouraged interested parties to continue negotiating over the summer so that a more agreeable bill can move forward in the state's next legislative session.
Mississippi Lien Law Bill Introduced
January 30, 2014
Mississippi could soon greatly expand its application of lien rights to include subcontractors and materials suppliers by enacting a bill modeled on Georgia's lien statute, according to Chris Ring of NACM's Secured Transaction Services (STS).
Two bills were filed, one in the Mississippi House of Representatives and one in the State Senate, in response to a ruling last year by the U.S. Fifth Circuit Court of Appeals in Mississippi that affirmed a lower court's ruling that found the state's Stop Notice statute unconstitutional. The ruling stripped away a valuable payment protection for subcontractors and suppliers. Previously, "you could file what's referred to either as a stop notice or a public improvement lien, which put a lien on the funds that are owed from the owner to the general contractor," Ring said. "What that did for subs and materials suppliers is it gave them the ability to put pressure on the GC. It wasn't liening property, it was pressuring the GC so that you were getting paid, and then that was stripped away. Now, if you don't have a direct contract with the owner, you don't have anything."Read more...