ILLINOIS—SB3023—MECHANICS LIEN SUBORDINATION

Effective immediately, SB3023 addresses the subordination of mechanics liens to mortgage liens.

SB3023 provides that language barring certain agreements does not prohibit an agreement to subordinate a mechanics lien to a mortgage lien that secures a construction loan if that agreement is made after more than 50% of the loan has been disbursed to fund improvements to the property. Provides that provisions governing contracts between the owner and contractor also apply to a contractor and subcontractor. Deletes language providing that the only admissible evidence of specified conditions of a contract as against a subcontractor or material supplier shall be proof of actual notice thereof to him or her before his or her contract is entered into.

Click here for legislation

 

Contact

Get in Touch With Us

NCS works to provide you and all our clients with the most resourceful products and customer satisfaction. Our dedicated and knowledgeable staff is committed to delivering exemplary service and support. Please contact us with any questions or suggestions.

Required Fields *