Written by Associated Builders and Contractors. Despite the loss of 1,000 jobs in March, the nation’s construction industry unemployment rate edged down to 20 percent for the month, according to the April 1 employment report by the Labor Department. Year-over-year, construction employment is down by 36,000 jobs, or 0.6 percent. Today’s rate is lower from […]
IRS Gives Priority to Mechanics Liens
In a general victory for contractors and suppliers owed money on a residential project, the IRS published final regulations (TD 9520) that govern the validity and priority of federal tax liens under IRC § 6323. Under IRC § 6321, the federal government has an automatic tax lien against any person who does not pay federal tax […]
Nevada Supreme Court Rules on Mechanics Lien Priority
As reported by the Las Vegas Sun on March 3, 2011:“The Nevada Supreme Court has ruled that a bank has priority in collecting on its deed of trust after two multimillion-dollar, 20-story condominiums defaulted on their loan in Las Vegas. The court said Corus Bank had a preceding place over a mechanics lien, filed by […]
Mountain Law: Contractors: Beware the mechanic’s lien trust fund statute
In Colorado, the mechanics lien trust fund statute results in many a contractor facing serious consequences for not properly paying their subcontractors and suppliers. Noah Klug of the The Klug Law firm recently published an article for the SummitDaily.com, entitled Mountain Law: Contractors: Beware the mechanic’s lien trust fund statute, which lays out the requirements […]
Tennessee Mechanics Liens Subject to Notice of NonPayment
The last major changes to the Tennessee mechanics lien law took place in 1990. In that year, the Legislature enacted major modifications to the existing Tennessee mechanics’ lien law, with numerous miscellaneous changes made since 1990. The 1990 modifications are encapsulated within the following two major categories: 1. The Tennessee lien law provided more protection […]