N.Y. Lien Law 154 – Sale procedure for mold lien property
§ 154. Sale procedure for mold lien property. 1. Before a molder may sell the die, mold, form or pattern the molder shall notify the customer and the holder of a perfected security interest by registered mail, return receipt requested. This notice shall include the following information:
Terms Used In N.Y. Lien Law 154
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Remainder: An interest in property that takes effect in the future at a specified time or after the occurrence of some event, such as the death of a life tenant.
(a) The molder's intention to sell the die, mold, form or pattern thirty days after the customer's receipt of the notice.
(b) A description of the die, mold, form or pattern to be sold.
(c) The time and place of the sale.
(d) An itemized statement for the amount due.
(e) The notice shall state that if a customer disputes the amount claimed under the lien, the customer is entitled to bring a proceeding hereunder within ten days of the service of the notice of sale to establish the amount of the lien. The proceeding may be brought in any court which would have jurisdiction to render a judgment for a sum equal to the amount of the lien.
2. If there is not a return of the receipt of the mailing or if the postal service returns the notice as being nondeliverable, the molder shall publish notice of the molder's intention to sell the die, mold, form or pattern in a newspaper of general circulation in the customer's last known place of business. The notice shall include a description of the die, mold, form or pattern.
3. If the sale is for a sum greater than the amount of the lien, the excess shall be paid to any other lienholder known to the molder at the time of the sale and any remainder to the customer, if the customer's address is known, or the state treasurer for deposit in the general fund if the customer's address is unknown to the molder at the time of the sale.
4. A sale shall not be made under this § of the customer under federal patent or copyright law.