Magoffin County Discharge of Lien by Bond Forms (Kentucky)

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Discharge of Lien by Bond

State

Kentucky

Area

Magoffin County

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$27.97

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Included Forms

All Magoffin County specific forms and documents listed below are included in your immediate download package:

Included Supplemental Documents

The following Kentucky and Magoffin County supplemental forms are included as a courtesy with your order.

Frequently Asked Questions:

Areas Covered by These Discharge of Lien by Bond Forms:

• Magoffin County

Including:

• Falcon
• Gunlock
• Royalton
• Salyersville

What is the Kentucky Discharge of Lien by Bond

Release of Lien in Kentucky by Execution of Bond

Executing a bond is one way to remove mechanic's liens levied on a property. A bond is an amount that can be posted with a surety or other agency that guarantees payment to a contractor or other lien claimant. In return for this assurance, the claimants release the liens.

In Kentucky, the owner or claimant of a property covered by a lien, (or any contractor or other person contracting with the owner or claimant for the furnishing of improvements or services), may, at any time before a judgment is rendered to enforce the lien, execute with the county clerk in the county where the lien was filed, a bond for double the amount of the lien claimed. K.R.S. 376.100. The bond and release must be approved by the clerk and are conditioned upon the obligors satisfying any judgment that may be rendered in favor of the person asserting the lien. Id. So, if the lien is filed for $5,000, a bond of $10,000 must be executed to discharge the lien.

The release document identifies the parties, recording details of the filed lien, and the effective date of the release. The bond shall be preserved by the clerk, and upon its execution the lien upon the property shall be discharged. Id. The person asserting the lien may make the obligors in the bond parties to any action to enforce the claim, and any judgment recovered may be against all or any of the obligors on the bond. Id.

This article is provided for information purposes only and should not be relied on as a substitute for the advice from a legal professional. If you have questions about posting a bond to release a lien, or any other issues related to liens in Kentucky, please speak with a licensed attorney.

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The documents you receive here will meet, or exceed, the Magoffin County recording requirements for formatting. If there's an issue caused by our formatting, we'll make it right and refund your payment.

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