Under Florida law, if a construction lien is recorded on private property, the lien can be transferred to a lien transfer bond pursuant to Florida Statute s. 713.24. The lien transfer bond operates to transfer the lien from the real property to the security of the bond.
While definitely not a traditional payment bond, the lien transfer bond will allow a lienor to sue the bond versus foreclosing its construction lien on the real property.
Please check out this article for more information on lien transfer bonds.
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