Summer 2013Issue 20
Prestige Title Agency, Inc.

Prestige Title eNews

Summer 2013 

RCandRP

Court of Appeals Limits Reach of Lien Law 22 Subordination Penalty
 

Lenders of building loan mortgages may take heart from a recent Court of Appeals decision which stands for the proposition that a failure to file a building loan contract does not necessarily subordinate an acquisition mortgage notwithstanding its consolidation with a building loan mortgage, which has been subordinated to the lien of subsequently filed mechanics liens.

 

New York's Lien Law protects contractors, laborers and materialmen by providing a level of financial transparency to a construction or repair project that they may consider participating in. Lenders who are providing building loans are required to provide a statement that shows prospective contractors how much money is available to them to pay for their services and or materials, so that they can make a prudent decision on whether to become involved in the construction project. Specifically, Section 22 of the lien law requires the filing of a building loan agreement and a Section 22 Lien Law Affidavit.

 

 
    
 

 

If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. (keng@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
 
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com
In This Issue
Announcements
Did you know that Prestige Title handles Commercial transactions nationwide?
  
  
Please contact Anthony Chiellino for further details at (212) 651-1200 or achiellino@prestitle.com.
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AddlAdditional Items of Interest

New Mortgage Foreclosure Filing Requirement for Residential Properties - Click Here

 

 

Shortened Deadline to Pay Local Transfer Tax for City of Yonkers - Click Here

 

 
If you have any questions or would like further information regarding any of the articles in this newsletter, please contact Keith Eng, Esq. (keng@prestitle.com) or Anthony Chiellino (achiellino@prestitle.com) at (212) 651-1200. 
 
Also, if there are any topics that you would like us to include in future newsletters, please feel free to e-mail us with suggestions at info@prestitle.com. 
 
 
Prestige Title Agency, Inc. provides Commercial and Residential Title Services Nationwide. For more information, please contact Anthony Chiellino at (212) 651-1200 or achiellino@prestitle.com
 
 
15 W. 39th St. 10th Fl. New York, NY 10018 Tel (212) 651-1200 Fax (212) 651-1201
Member of New York State Land Title Association Member of American Land Title Association