Legal Question in Banking Law in Missouri

Bank's responsibility on contractor providing lien waivers
We entered into a contract with a large national bank for a construction loan. In the Note that we signed it basically states that the bank will not be responsible for anything. After signing the contract with the bank, we completed disbursement forms directing payment. This form was provided by the bank and signed by us and the contractor. On that form it specifically states ''the total of all charges for, and in conjunction with all such services, labor and/or materials performed or furnished by Contractor will be paid in full to Contractor upon receipt of completed lien waiver and any other required documentation.''
In our case contractor did not pay subs and has since died. The bank now says they were not required to get lien waivers in the state of MO. How can the bank have no responsibility when we signed the document in good faith knowing the bank was getting lien waivers?

Asked on 9/22/05, 10:31 am

David Anderson Anderson Business Law LLC

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Re: Bank's responsibility on contractor providing lien waivers

Has the project/property been liened?

How much is outstanding?

I would need to see the relevant documents and review the statute to advise you.

Call or e-mail for further legal assistance.

Answered on 9/22/05, 10:52 am

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