mechanic's lien |
Definition
Claim on the improved property by the contractor, subcontractors, laborers, and material suppliers for the monies owed to them. In general, a mechanic's lien takes precedence over any mortgage on that property because, it is assumed, the value of that property has increased to the extent of the lien. Also called materialman's lien.
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mechanic's lien is in the Agreements & Contracts, Banking, Commerce & Finance and Corporate, Commercial, & General Law subjects.
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