Illinois HB2501 amends the Mechanics Lien Act to declare agreements to waive or subordinate liens unenforceable if made in anticipation of a contract.
Illinois HB2501 amends the Mechanics Lien Act to declare agreements to waive or subordinate liens unenforceable if made in anticipation of a contract award. This applies to agreements made for contracts, subcontracts, or payments to perform work or supply materials for real property improvements. The bill specifies that this rule does not apply to agreements made after more than 50% of a construction loan has been disbursed.
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