Text book On Escrows This book Follows Introductory Test book On Escrows
Text book On Escrows This book Follows Introductory Test book On Escrows
Title Insurance And Trust Company 1893 1968
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C. P. Section 1183 C. C. P. Provides that mechanics, material- men, contractors, sub-contractors, architects and all persons performing services or labor upon or furnishing materials for the construction, alteration, addition to or repair of any building, etc. , shall have a lien upon the property upon which they have bestowed labor or furnished materials, for the value of such labor or materials. Every contractor, sub- contractor, architect, builder or other person having charge of the work sh...all be held to be the agent of the owner. The filing of the original contract between the owner and the contractor in the Recorder's Office is equivalent to the giving of actual notice by the owner to all persons performing work or furnishing materials thereunder. In case said original 26 contract be filed before the work is commenced, together with the bond of the contractor in an amount not less than fifty per cent of the contract price, which bond shall be con- ditioned for the payment in full of the claims of all persons performing labor upon or furnishing materials to be used in such work, and shall also be made to inure to the benefit of any and all persons who performed labor or furnished materials to be used in said work, so as to give said persons a right of action to recover upon said bond in any suit brought to foreclose such liens, then the court must, where it would be equitable so to do, restrict the recovery under such liens to the aggregate amount equal to the amount found to be due from the owner to the contractor, and render a judgment against the contractor and sureties on such bond for any deficiency.
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