An overview of Illinois Mechanics Lien Law.(NACM's 110th Credit Congress & Exposition)(construction Projects)

The Illinois Mechanics Lien Act (the "Act") offers important protection to parties that provide services, labor or materials for construction projects by granting them a right to record a mechanics lien against real property as a means to secure their right to payment. As such, the Act confers upon such parties an extraordinary right to claim a security interest in another's property and to assert a claim against the owner of that property when such parties may not otherwise have a legal basis for doing so. Because these rights are created by statute alone, however, the Act is strictly construed, and parties must strictly comply with the requirements of the Act in order ...