Assume the following sequence of events: Construction began on December 16, 2012. The total amount left after the contractor declared bankruptcy for distribution to these lien holders is $9,000. Art's Artful Framing - filed lien for $6,000 on January 1,
2013 Paul's Perfect Plumbing - filed lien for $3,000 on January 15, 2013 Ralph's Resourceful Roofing - filed lien for $4,000 on January 27, 2013 a. Distribute the following funds according to the common law rule on priorities. b. If the construction is in a line-filed state, how would the funds be distributed?
a. Art 6000/12000 = 1/2; Paul 3000/12000 = 1/4; Ralph 4000/12000 = 1/3
Art gets $4,500; Paul gets $1,500; Ralph gets $3,000.
b. Art would get $6,000; Paul would get $3,000 and Ralph is out of luck.
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