Bucking recent trends both nationally and within the state, Oklahoma has simplified its Mechanic’s Lien statute. One expert says its a case of common-sense prevailing and hoped it is a harbinger of similar changes to come in other states in upcoming months and years.
Senate Bill 277, signed into law by Governor Mary Fallin on April 6, 2011, became effective Tuesday and changed the threshold for a notice to a value of $10,000. It also repeals the pre-notice requirement for notice on residential property -- the 75-day from last furnishing is now effective for both residential and commercial. Greg Powelson, Director of NACM’s Mechanic’s Lien and Bond Services, hailed the move as "a real victory for suppliers and sub contractors.
"The Oklahoma statue has been difficult to manage for years," he said. "For the first time, suppliers and subcontractors know their deadlines and have consistency.”
(Note: More on this story in Thursday's NACM eNews).
Source: NACM staff