Section 32-28-12.5-8 - Installment payments; recording notice of lien; single claim for lien; partial releases(a) This section applies to a transaction involving the conveyance or transfer of commercial real estate in which:(1) payment to a broker company is due in installments; and(2) a part of the installment payments is due only after the conveyance or transfer of the commercial real estate involved in the transaction.(b) Subject to subsection (c), the broker company may record a notice of lien for those payments described in subsection (a)(2) at any time after the transfer or conveyance, but not later than ninety (90) days after the date on which the payment is due. A notice of lien under this section is effective as a lien against the transferor's interest in the commercial real estate only to the extent consideration is still owed to the transferor by the transferee. However, the lien is effective against the transferee's interest in the commercial real estate without the limitation described in this subsection.(c) A single claim for a lien recorded:(1) before the transfer or conveyance of the commercial real estate; and(2) with respect to all payments due in installments; is valid and enforceable with respect to payments due after the transfer or conveyance. However, as payments or partial payments of fees or commissions are received by the broker company, the broker company shall, by providing partial releases with respect to those payments, reduce the amount due the broker company under the notice of lien described in this subsection.
Amended by P.L. 116-2015, SEC. 27, eff. 7/1/2015.Amended by P.L. 127-2012, SEC. 54, eff. 7/1/2014.As added by P.L. 78-2006, SEC.1.