Idaho § 45-519 - Release of lien on real property by posting surety bond - Form of bond

§ 45-519. Release of lien on real property by posting surety bond - Form of bond

The debtor of the lien claimant or a party in interest in the premises subject to the lien must obtain a surety bond executed by the debtor of the lien claimant or a party in interest in the premises subject to the lien, as principal, and executed by a corporation authorized to transact surety business in this state, as surety, in substantially the following form:

(Title of court and cause, if action has been commenced)

WHEREAS, ……………….. (name of owner, contractor, or other person disputing the lien) desires to give a bond for releasing the following described real property from that certain claim of mechanic’s lien in the sum of $ ……….., recorded ……………, …., in the office of the recorder in ………………….. (name of county where the real property is situated):

(legal description)

NOW, THEREFORE, the undersigned principal and surety do hereby obligate themselves to ……………………., (name of claimant) the claimant named in the mechanic’s lien, under the conditions prescribed by sections 45-518 through 45-524 , Idaho Code, inclusive, in the sum of $ ……. (1-1/2 x claim), from which sum they will pay the claimant such amount as a court of competent jurisdiction may adjudge to have been secured by his lien, with interest, costs and attorney’s fees.

IN WITNESS WHEREOF, the principal and surety have executed this bond at ………………., Idaho, on the ……… day of …………, …..

………………………

(Signature of Principal)

(SURETY CORPORATION)

BY …………………….

(Its Attorney in Fact)

State of Idaho )

) ss.

County of …….. )

On ……………, …., before me, the undersigned, a notary public of this county and state, personally appeared ………………….. who acknowledged that he executed the foregoing instrument as principal for the purposes therein mentioned and also personally appeared ………………….. known (or satisfactorily proved) to me to be the attorney in fact of the corporation that executed the foregoing instrument and known to me to be the person who executed that instrument on behalf of the corporation therein named, and he acknowledged to me that that corporation executed the foregoing instrument.

[45-519, added 1993, ch. 378, sec. 4, p. 1388; am. 2002, ch. 32, sec. 18, p. 56.]