Release of Lien Bond
A Release of Lien Bond is designed to release a lien file with the Public Trustee for an amount of money claimed for materials and labor on an estate. In the case of these bonds, the bonds serve as a substitute for the actual estate as far as the source of payment for the lien claim is concerned.
Release of Lien Bonds are required by people purchasing property or, also, financial institutions that are interested in buying property that is currently under dispute because of payments regarding construction work.
These bonds will generally require collateral.
The bond penalty (amount) for a Release of Lien Bond is dependent on the filing of the lien, making it individual to each person/case.
Release of Lien Bonds depend on the final judgment made regarding the owner of the estate's actual liability in the matter,