721—45.8(572) Discharge of mechanic’s lien by submission of a bond.
- 45.8(1) Submission or posting of a bond. Any person may submit a bond to the administrator or post a bond to discharge a mechanic’s lien. The submitter of the bond shall provide the MNLR number so that the administrator can determine to which lien to apply the bond.
- 45.8(2) Acceptance of a bond. The administrator may accept a bond in twice the amount of the sum for which the claim for the lien is filed, with surety or sureties authorized to issue surety bonds in this state.
- 45.8(3) Affidavit for release of bond. Upon satisfaction or forfeiture of a mechanics’ lien, the owner may release a bond submitted to discharge the lien pursuant to Iowa Code section 572.15 by submitting to the administrator an affidavit for release of bond.
[ARC 0464C, IAB 11/28/12, effective 1/2/13; ARC 7059C, IAB 8/23/23, effective 9/27/23]