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Article: Mechanic's liens in Maine. (Construction Corner).
- Article from:
- Business Credit
- Article date:
- November 1, 2002
- Author:
CopyrightCOPYRIGHT 2002 National Association of Credit Management. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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INTRODUCTION
Using the mechanic's lien law can be an effective tool for subcontractors and suppliers for collecting payment and for proactively managing credit. This article will describe the mechanic's lien statutes of Maine and how subcontractors and suppliers can and should use the mechanic's lien laws.
DISTINCTIVE FEATURES OF THE LAW IN THIS STATE
The "priority" of liens on a property often determines which claims get paid. A mechanic's lien will give a subcontractor or supplier greater security in getting repaid in full. In Maine, the mechanic's lien is entitled to priority in the same manner as any other lien and will have priority over ...