Mechanic's lien


A legislative attempt to provide a measure of financial leverage to help secure payments owed to parties whose results in an improvement to real property. Generally, a mechanic's lei entitles the party who provides woods or services to the project to place a lien on the property which, like a mortgage, is a recognition of a debt owed by the property holder to the person who placed the lien, and which must be paid by the property owner within a statutorily prescribed period of time. If this is not done, the lien holder can sell the property and use the proceeds of the sale to pay the amount of the lien.


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