Mechanic's lien

Mechanics lien,

Definition of Mechanics lien:

  1. Claim on the improved property by the contractor, subcontractors, laborers, and material suppliers for the monies owed to them. In general, a mechanics 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 materialmans lien.

Meaning of Mechanics lien & Mechanics lien Definition