Business Practices, Construction, eNews
Navigate lien laws with confidence
NACM’s Secured Transaction Services (STS) provides and prepares construction credit professionals with several tools for success. STS handles projects and assists credit professionals in securing corporate receivables to ensure profitability.
Why it matters: In an industry where securing payments can be complicated and high-risk, STS equips construction credit professionals with the essential tools and expert guidance needed to protect their financial interests, ensuring timely payments and minimizing the risk of bad debt.
STS has eight core services
- Notice to owner services
- Lien and bond claim filing program
- Deadline tracking
- Demand letters
- Bond payment investigation service
- UCC filings
- Waiver manager
- Lien Navigator
Credit professionals can rely on the Lien Navigator to determine when and how action needs to be taken to protect lien rights across the 50 states, DC and Canada, ensuring you always have current information. The Lien Navigator contains links to statute references, quick list sections and “Speed Bump” warnings—cautioning users to slow down and pay attention to the nuances in the law. With a Miller Act section, public bond thresholds and values and a robust glossary, the Lien Navigator serves as a comprehensive guide accessible 24/7.
“Since I decided to subscribe to the Lien Navigator, it has saved me so much time in the long run,” said Theresa Lightfoot, credit assistant at Clopay Corporation (Mason, OH). “I feel more empowered having the information on the laws of each state of the project at my fingertips. It helps from the onset to know if it is necessary to send the ‘notice to owner’ (NTO) right away, or if it can wait.”
Failing to properly file a mechanic’s lien can cost your company hundreds of thousands of dollars if your customer does not pay. But credit professionals do not always have the spare time to comb through the laws in every state or keep up with any changes on their own. That’s where NACM’s Lien Navigator comes to the rescue.
“The Lien Navigator helps me be better at my job because it allows me to know the deadlines for notices and lien filings in every state,” said Tina McGlamory, lien and account setup manager at Trulite Glass and Aluminum Solutions (Alpharetta, GA). “Because the statutes are available all on one website, it saves research time. It provides me with answers when I am questioned by our customers regarding why notices are sent and the content required in those notices.”
Lien information is hard to keep up on, especially since every state is different. “I use the Lien Navigator several times a week,” said Katy Harcourt, credit clerk at Colmac Coil Manufacturing, Inc. (Colville, WA). It’s great to have a reference to look at as many times as needed and to have access to the dates of when to send preliminary notices from first or last furnishing.”
Today’s business climate is rampant with fraud, especially in the construction landscape, meaning bad debts are increasing. Credit professionals need the extra protection of their funds. Tracking lien requirements, sending notices and other requirements for commercial projects are great ways to protect funds.
The Lien Navigator is a multi-purpose tool that can elevate your credit department and ease the worry of missing a mechanic’s lien filing deadline, said Ed Buchanan, corporate credit manager at Chatham Steel Corporation (Savannah, GA). “We take advantage of the States tab to stay updated on statutes and the Quick Links section for training and updating our team members,” he said.
The bottom line: The Lien Navigator is an effective tool that helps construction credit professionals organize their risk and legal needs. NACM’s Lien Navigator has the answers and will guide you through the entire process. “There is no better value for a legal research tool for the mechanic’s lien statutes than the Lien Navigator,” McGlamory said.
What’s next: For more information regarding NACM’s Secured Transaction Services, visit our website or contact Chris Ring at ChrisR@nacm.org or Jocelyn Vanlandingham at JocelynV@nacm.org. You can also join our Construction Credit Thought Leaders Forum to connect and network with other construction credit professionals.
STS kicks off its complimentary series of attorney-led webinars in September with a focus on Texas Lien Law! Join Jason Walker as he breaks down the complexities of construction laws in Texas.
