risk management: tip of the week

Know Your State's Lien Law

Self-storage lien sales have the potential to trigger costly claims and lawsuits if not handled properly. It is extremely important for self-storage operators to understand and follow state lien laws. Most claims and lawsuits related to lien sales stem from the facility's failure to comply with the law. Owners of multi-state self-storage operations must comply with applicable laws in each jurisdiction.

Your attorney and insurance agent are valuable resources to ensure that your lien sale process is in compliance with the law and that your business has adequate coverage in the event of a claim resulting from a lien sale.

The Self Storage Association has compiled a list of the self-storage lien laws for most states and the District of Columbia in a downloadable PDF format: http://www.selfstorage.org/library/public-library

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Sincerely,

Mike Schofield

Mike Schofield
President & CEO