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Looking Ahead
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Summary of Changes to UT State Mechanics' Lien Law
by DeAnna Leahy, CCE, Sunroc Corporation
The Utah State Mechanic's Lien Laws were changed significantly in the 2011 General Session of the Utah State Legislature. Many of these changes were pushed by the banking and title insurance industries and generally make it more difficult for a sub-contractor or a material supplier to enforce lien rights.
These changes took effect on August 1, 2011. Below is a brief summary of the new changes comparing the "before" and "after". It is not meant to be an all inclusive detail of the Utah State Mechanic's Lien Laws, but is intended only as a brief summary of the recent legislative changes. For more information or for specific advice for your company, you may wish to consult an attorney. View full article
Using Mechanics' Lien Law Changes to Our Advantage
by Heather Schultz, Wheeler Machinery Company
At Wheeler Machinery, we are able to have valuable open communication with our customers. We believe in the power of educating our clients in the law changes. We have provided two different classes for them to attend. We will also gladly work one on one with a customer to assist them in learning the new requirements and procedures to protect all of our investment in the work they are doing. They value the fact that as we pre-lien their jobs it is used as an asset to make sure they are paid for the services they provide.
We clearly request the required information on a Job Information sheet. We will fax, e-mail or gather the information ourselves in order to complete the required information needed. We explain to our customers that due to the high value of the equipment, we require the proper information prior to our equipment leaving. We have had a positive response from our customers. If there is any resistance, we proceed to explain the potential loss and show the value in having us as a support system to provide assistance. Usually this allows the customer to relax and realize it is unfortunately just the way we are required to do business going forward.
I have attached a Mechanic's Lien and Bond Checklist that we often send as a learning explanation to those that are resisting. We also will include a sample problem sheet explaining the different scenarios that could happen under the new law.
Certified Credit Executive (CCE) Professional Designations
Shanna Sorge, Easton Technical Products and Chris Record,Young Electric Sign Company achieved CCE Certifications. Congrats!
Business Networking & The NACM Fall Outing
The NACM Fall Outing will be held on September 23rd at Eaglewood Golf Coure in North Salt Lake. Whether you join us for Dinner & Bingo, Golf, Dinner& Bingo or Golf alone, we think you will enjoy the time you spend with your credit peers in the scenic beautify of the course. Register online by clicking the link under "looking ahead" on the top left hand side of this newsletter.,
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