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.

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