The lien of a subcontractor is reduced by the amounts owed by him to his subcontractor if the subcontractor has claimed a lien for the amounts.
No lien shall attach to the real estate in behalf of any claimant other than the prime contractor if the owner or the prime contractor, prior to commencing the improvement under the contract between the owner and prime contractor, procures from a surety company authorized to do business in the Virgin Islands a payment bond meeting the requirements of the V.I statute. A copy of the surety bond shall be recorded.
