Senate File 2229 - Introduced SENATE FILE 2229 BY COMMITTEE ON JUDICIARY (SUCCESSOR TO SSB 3100) A BILL FOR An Act relating to obtaining a mechanic’s lien when a person 1 takes collateral security on a contract for furnishing 2 material or performing labor. 3 BE IT ENACTED BY THE GENERAL ASSEMBLY OF THE STATE OF IOWA: 4 TLSB 6118SV (1) 87 asf/jh

S.F. 2229 Section 1. REPEAL. Section 572.3, Code 2018, is repealed. 1 EXPLANATION 2 The inclusion of this explanation does not constitute agreement with 3 the explanation’s substance by the members of the general assembly. 4 This bill repeals Code section 572.3 (collateral security 5 before completion of work). The bill removes the bar to 6 obtaining a mechanic’s lien if a person takes collateral 7 security, either at the time of making a contract or during 8 progress of the work, on a contract for furnishing material or 9 performing labor. 10 -1- LSB 6118SV (1) 87 asf/jh 1/ 1