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Engrossed House Bill (H)

DIGEST

Liens. Permits a person to discharge a mechanic's lien by filing an indemnification or payment bond with the recorder's office in an amount equal to at least 150% of the lien. Requires the surety responsible for issuing an indemnification or payment bond to: (1) be authorized to do business in Indiana; and (2) be rated at least "A-" by at least one nationally recognized investment rating service. Specifies certain requirements concerning the recording of an indemnification or payment bond. Provides that the filing or deposit of a bond discharges the liability of a person served by a lien claimant not Liens. Permits a person to discharge a mechanic's lien by filing an indemnification or payment bond with the recorder's office in an amount equal to at least 150% of the lien. Requires the surety responsible for issuing an indemnification or payment bond to: (1) be authorized to do business in Indiana; and (2) be rated at least "A-" by at least one nationally recognized investment rating service. Specifies certain requirements concerning the recording of an indemnification or payment bond. Provides that the filing or deposit of a bond discharges the liability of a person served by a lien claimant not less than 30 days after the filing or deposit of a bond. Provides that a contractor or subcontractor may adjudicate the adequacy of a bond in certain instances. Provides that the liability of a person served by a lien claimant may not be discharged while the adequacy of a bond is being adjudicated. Repeals the current statute concerning the filing of an undertaking to discharge a lien. Urges the legislative council to assign to the appropriate interim study committee (committee) the topic of judgment liens. Provides that if the topic of judgment liens is assigned to the appropriate committee, the following topics will be addressed by the committee: (1) The feasability of developing, preparing, and implementing, before January 1, 2021, a plan, protocol, or Internet based system concerning judgments and pending cases. (2) The feasibility of providing, before January 1, 2021, all necessary training and education to clerks of court regarding any plan, protocol, or Internet based system concerning judgments or pending cases. (3) Any other issue or topic relevant to the development and implementation of any plan, protocol, or Internet based system concerning judgments or pending cases. Makes conforming amendments. ... View more