§ 32-28-12.5-18 — Lien on funds in escrow account

Indiana § 32-28-12.5-18

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 28: LIENS ON REAL PROPERTY
• Ch. 12.5: Commercial Real Estate Broker Liens

Text

If:
(1) a claim for a lien under this chapter has been filed with the
office of the recorder of the county in which commercial real
estate or any interest in commercial real estate is located; and
(2) an escrow account is established among:
(A) the one (1) or more parties allegedly responsible for
payment of the fees or commissions on which the lien is based;
(B) the broker company that filed the lien; and
(C) an independent third party as escrowee;
from the proceeds of the conveyance, or from any other source of
funds, in an amount that is at least one hundred ten percent
(110%) of the amount of the lien claimed under this chapter;
the lien against the real estate is extinguished and becomes a lien on
the funds contained in the escrow account. The establishment of an
escrow account described in this section does not constitute cause for
any party to refuse to close the transaction.

Legislative History

As added by P.L.78-2006, SEC.1. Amended by P.L.127-2012, SEC.62; P.L.116-2015, SEC.35.