Text: SSB03152                          Text: SSB03154
Text: SSB03100 - SSB03199               Text: SSB Index
Bills and Amendments: General Index     Bill History: General Index

Senate Study Bill 3153

Bill Text

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.  No A person shall not be entitled to a mechanic's lien
  1  5 who if, 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 take the person takes any collateral security on
  1  8 such the 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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