Section 62-13-503 - Obligation subject to original contract - Limitation of actions - Recording of notice(a) The obligation of a subsequent owner shall be subject to the terms, conditions and defenses available to the contracting parties. A subsequent owner shall be liable for the fees or commissions only to the extent that the subsequent owner receives rents pursuant to leases with respect to which the broker is entitled to receive a fee or commission under the written contract referenced in the notice provided for in § 62-13-501.(b) Nothing in this part shall be construed to change any agreement between an owner and a subsequent owner or to release an owner from any liability to a broker for the fees or commissions or to restrict or prevent a third-party claim by a subsequent owner against an owner or a previous subsequent owner for indemnification against a claim made by a broker against a subsequent owner based on a liability of the owner or a previous subsequent owner to the broker.(c) A broker may enforce an obligation under this section against a subsequent owner by filing suit in a court having appropriate jurisdiction within the latter of the following but in no event more than ten (10) years after the recording of the notice: (1) One (1) year after the transfer of ownership from the owner or a previous subsequent owner to a subsequent owner; or(2) One (1) year after the claim for a fee or commission accrues.(d) A notice containing only the information provided in § 62-13-501 may be recorded pursuant to this part in the office of the register of deeds in the county where the property is located, and the register of deeds shall accept the notice for recording. After the notice is recorded, the person who tendered it for recording shall promptly deliver a copy to the owner of the subject commercial real estate. Delivery may be by personal delivery, certified mail or any delivery service that provides proof of delivery.(e) Any notice that may be recorded pursuant to this part shall be deemed to be authenticated and eligible for recordation only if the notice conforms to the requirements of § 62-13-501. The register of deeds will index this recorded notice under the name of the owner identified in the notice and shall index the recorded notice in the reverse index under the name of the broker who is a party to the document.(f) Upon a written request by the owner or subsequent owner of the subject commercial real estate, made after all fee or commission rights, with respect to which a notice has been recorded under this part, have been paid in full or have otherwise been discharged, expired or otherwise are no longer enforceable under applicable law, the broker who recorded the notice or that broker's successor in interest shall record a release of that notice with the register of deeds for the county where that notice was recorded.(g) This part shall not be construed to create a lien on any commercial real estate to which this part applies. Acts 1997 , ch. 389, § 1.