In construction cases, lien waivers are generally used as requests for payment are made. Caution is the word when dealing with lien waivers. In a recent case decided by the North Carolina Business Court, (Wachovia Bank vs Superior Construction Corp.) the Court interpreted a lien wavier against the general contractor. In this case, Wachovia was the lender and Superior Construction …
The North Carolina Secretary of State’s Office recently mailed out “Notices of Grounds of Administrative Dissolution” to businesses which lacked one or more filed annual reports. As you are probably aware, business corporations and limited liability companies which are approved to conduct business in the State by the N.C. Secretary of State are required to file annual reports with the Secretary of State. Being delinquent on filing the annual reports is grounds for administrative dissolution. If a business is administratively dissolved, the business no longer has what is referred to as the “corporate shell” which could create personal liability for the owners, board of directors and officers of the business.
