On Wednesday, September 20, our Siouxland Chapter of CFMA gathered at CJ Callaways for our September quarterly meeting.
After a brief business meeting, Joseph Hogue of Cutler Law Firm spoke on the topic of Mechanic's Liens, with a presentation entitled "Mechanic's Liens: 10 Things to Know". His presentation was well summarized in the following slide:
- Rules are State Specific
- NOT the same as Claims
- Broadly Available in South Dakota
- Can Relate Back Before Mortgages
- Statute must be Substantially Complied With
- Must be Filed within 120 Days
- Require a Detailed Itemized Statement
- Can be Released if Certain Funds Posted
- Can be Released for Failure to Act on Demand
- Can Expire
Following a brief break, we were educated by three speakers from RSM, including Daniel Schelske, Jon Schulte, and Mark Broders. Daniel provided an overview of the impact of the revenue recognition standard, and Jon provided a summary of the new accounting standard for leases. Finally, Mark spent a few minutes updating attendees about the tax reform currently being pursued.
We also enjoyed some appetizers and drinks during a time of networking following the meeting. If you weren't able to attend, we encourage you to join us for our December meeting!