lenders beware of the new york lien law!
DESCRIPTION
New York's challenging lien law has special rules that govern construction loans, and these are well-known. File the building loan agreement at the same time as you record the mortgage, or mechanics' liens will outrank the mortgage. But factors and general creditors need to be aware of numerous other traps in the lien law that, in the worst case, can put you in jail.TRANSCRIPT
