This act [48-2A-1 to 48-2A-12 NMSA 1978] may be cited as the “Stop Notice Act”. History: Laws 1989, ch. 301, § 1. ANNOTATIONS Am. Jur. 2d, A.L.R. and C.J.S. references. — Construction and effect of statutes requiring construction fundholder to withhold payments upon “stop notice” from subcontractor, materialman, or other person entitled to funds, 4 […]
A. A stop notice shall be discharged when: (1) the claim has been satisfied and the claimant has notified the construction lender, if any, and the owner, if applicable, that the claim has been satisfied pursuant to Subsection C of this section; or (2) time for filing pursuant to Subsection A of Section 9 [48-2A-9 […]
A. Payment by the owner or his successor in interest to any person entitled to payment of all and any amounts due and owing for any labor or materials furnished or other actions the performance of which could give rise to a lien pursuant to Section 48-2-2 NMSA 1978 to be performed upon a residential […]
A. The original contractor, upon accomplishing completion of construction and upon acceptance of final payment from the owner, his successor in interest or his agent, shall sign an affidavit that all invoices of charges and costs received by the original contractor and related to the residential site have been paid. In lieu of such an […]
The legislature finds there are practices within the industry of constructing residential properties containing not more than four dwelling units resulting in certain financial inequities and, therefore, declares that the purpose of the Stop Notice Act is to: provide for timely payment by an original contractor to persons contracted with to furnish labor or materials […]
As used in the Stop Notice Act: A. “bond” means good and sufficient sureties executed by a corporate surety entity or cash collateral; B. “claimant” means any person entitled under the Stop Notice Act to give a stop notice for labor or materials furnished in connection with site improvement; C. “claim satisfied notice” means a […]
A. In every instance where an original contractor proposes to contract with a subcontractor or materialman or both for any site improvement, the original contractor shall inform the subcontractor and materialman of: (1) the name and address of the owner of the residential site; (2) the name and address of the construction lender lending the […]
A stop notice shall not be effective unless: A. it is signed and verified by the claimant or his agent, accompanied with a bond as provided for in Section 7 [48-2A-7 NMSA 1978] of the Stop Notice Act, is served pursuant to Section 6 [48-2A-6 NMSA 1978] of the Stop Notice Act and states in […]
A. Any preliminary notice given under the Stop Notice Act shall be effective notice if the preliminary notice is: (1) hand-delivered or mailed, return receipt requested, to the construction lender, if applicable for the purposes of the Stop Notice Act, or the manager or other responsible person at the address of the construction loan’s origination […]
A. A stop notice shall not be effective unless it is accompanied by a bond equal to one and one-quarter of the amount of the claim stated in the stop notice. The claimant shall be the principal on the bond, and the bond shall have good and sufficient sureties executed by a corporate surety entity. […]
A. Upon receipt of a claim stated in a stop notice, the construction lender, if any, or the owner, if applicable, shall withhold an amount of construction funds equal to the amount claimed in the stop notice from the original contractor until the claim has been satisfied or adjudicated by a court of competent jurisdiction, […]
A. Suit for satisfaction of the stop notice shall be filed not earlier than thirty days after delivery of the stop notice and within sixty days after delivery of the stop notice, and written notice of such suit shall be mailed to the recipient of the stop notice within five days after the date the […]
