Real estate lawyers are generally aware that when a mortgage is granted as security for a construction loan, special steps must be taken to preserve the mortgage’s priority of lien. If those steps are not taken, then the lien of the mortgage may be subordinated to mechanics’ liens that may be filed long after the mortgage was recorded.
Less notorious are other provisions lurking in the Lien Law that mandate similar filings with the county clerk, and some of these provisions have the potential to undermine the security that lenders and sureties expect to receive.
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