Text: SSB03152 Text: SSB03154 Text: SSB03100 - SSB03199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
PAG LIN 1 1 Section 1. Section 572.3, Code 1999, is amended to read as 1 2 follows: 1 3 572.3 COLLATERAL SECURITY BEFORE COMPLETION OF WORK. 1 4 1.NoA person shall not be entitled to a mechanic's lien 1 5whoif, at the time of making a contract for furnishing 1 6 material or performing labor, or during the progress of the 1 7 work,shall takethe person takes any collateral security on 1 8suchthe contract. 1 9 2. For purposes of this section, a personal guarantee of 1 10 payment shall not be considered collateral security. 1 11 EXPLANATION 1 12 This bill amends Code section 572.3 relating to the 1 13 unavailability of a mechanic's lien remedy when a person takes 1 14 collateral security on the contract for furnishing material or 1 15 performing labor. The bill specifies that a personal 1 16 guarantee of payment shall not be considered collateral 1 17 security for purposes of this Code section. The bill also 1 18 makes technical changes to the organization of and language 1 19 used in the Code section. 1 20 TLSB 6638SC 78 1 21 jj/cls/14
Text: SSB03152 Text: SSB03154 Text: SSB03100 - SSB03199 Text: SSB Index Bills and Amendments: General Index Bill History: General Index
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