Illinois General Assembly - Bill Status for SB1564

Amends the Mechanics Lien Act. Provides that if questions arise between incumbrancers and lien creditors, all previous incumbrances shall be preferred to the extent of the value of the land at the time of making of the contract plus (instead of at the time of making of the contract, and the lien creditor shall be preferred to the value of the improvements erected on the premises) the value of the improvements paid for pursuant to the Act by said incumbrancer for the building erected, or materials furnished, and the lien creditor shall be preferred to the value of its share of the unpaid improvements erected on said premises. Adds provisions pertaining to surety bonds over: a recorded mechanics lien claim; a claim on funds in the hands of the owner; and on public construction funds. Provides procedures and requirements for filing surety bonds. Provides that a corporate surety bond for the purposes of these provisions shall meet specified requirements. Provides that a surety bond shall be in an amount equal to 1 1/2 times the amount of the mechanics lien or claim, plus costs, and include additional documents and information. Provides that for a condominium, the current owners and lenders of the condominium may be represented by the condominium association. Includes other provisions.

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