Iowa Admin. Code r. 721-45.8

Current through Register Vol. 47, No. 5, September 4, 2024

Rule 721-45.8 - Discharge of mechanic's lien by submission of a bond

(1)Submission or posting of a bond. Any person may submit a bond to the administrator or post a bond to discharge a mechanic's lien. The submitter of the bond shall provide the MNLR number so that the administrator can determine to which lien to apply the bond.

(2)Acceptance of a bond. The administrator may accept a bond in twice the amount of the sum for which the claim for the lien is filed, with surety or sureties authorized to issue surety bonds in this state.

(3)Affidavit for release of bond. Upon satisfaction or forfeiture of a mechanics' lien, the owner may release a bond submitted to discharge the lien pursuant to Iowa Code section 572.15 by submitting to the administrator an affidavit for release of bond.

Iowa Admin. Code r. 721-45.8

ARC 0464C, IAB 11/28/12, effective 1/2/2013

Amended by IAB August 23, 2023/Volume XLVI, Number 4, effective 9/27/2023