Section 713.24(3) provides that proper venue for a claim on a transfer bond is the county where the security was deposited.
[section]713.23 Payment Bonds and [section]713.24 Transfer Bonds
Three weeks later, Haskell posted a lien
transfer bond in the amount of $1.5 million, effectively removing the lien from the PeaceHealth property.
Finally, if liens do attach to the project due to the nonpayment of those lienors by the general contractor from funds already paid to the contractor by the owner, the contract terms may provide that it is the contractor's duty to immediately remove those liens by posting a
transfer bond. This has the effect of clearing title of the lien and allowing the lienor to pursue the bond proceeds instead of the owner's fee simple.
After Sayre was denied a mechanic's lien on the property, Sayre amended the complaint to include additional counts and four new defendants, including the owner, the general contractor, the surety for the payment bond, and the
transfer bond surety.
George Graham was locked in secret talks with Leeds United's owners last night, aiming to secure a pounds 10million
transfer bond.
The problems with the Florida construction lien
transfer bond statute are real, but the solution offered in the March article ("Practical Solutions to the Problems Resulting from the Real Life Application of Florida's Construction Lien
Transfer Bond Statute") is impractical and expensive.
The legislative intent of the
transfer bond statute was simple: "to permit any owner, whether or not he is in privity with a lienor, to remove the cloud of a lien from his property against which the lien is impressed." (6) The practical result to the owner is that, since the cloud on title is no longer present, the owner may proceed to finance, refinance, or sell the property, or if a construction loan is in place, to release holds on draws by the bank on account of the lien.
Moreover, the Regal Wood Products, Inc., court further confirmed that the transfer of the lien to a
transfer bond under F.S.
The one-year limitations period for bringing an action on a claim of lien applies to an action against the
transfer bond. (79)
It provides clarification of time period in which to commence an action to enforce a claim against a payment bond and clarifies provisions relating to lien
transfer bonds. It provides that circuit court jurisdiction to hear lien law cases is not exclusive where the dollar amount would allow a county court to hear the case.
The government authorises the Treasury to
transfer bonds equalling nearly $7 bn to the state-owned Ziraat and Halk banks, to improve their asset quality prior to privatisation.