In 2008 came the subprime mortgage loan crisis, the Lehman Brothers Chapter 11 bankruptcy filing and the financial meltdown. Numerous borrowers defaulted on commercial real estate financings, leaving many failed construction projects in their wake. As a result, title insurers have reevaluated the manner in which they underwrite mechanics’ lien risk.
This article (in which the opinions and views are solely those of the authors) will discuss current approaches to underwriting inchoate mechanics’ liens. An inchoate mechanic’s lien is one that has not yet been filed, but once it is filed, its priority date relates back in time to the date upon which the work performed or materials furnished first commenced.
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