§ 32-28-12.5-8 — Installment payments; recording notice of lien; single claim for lien; partial releases

Indiana § 32-28-12.5-8

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

Text

(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.

Legislative History

As added by P.L.78-2006, SEC.1. Amended by P.L.127-2012, SEC.54; P.L.116-2015, SEC.27.