MS HB981

Establishes the Commercial Real Estate Broker Lien Act, allowing licensed real estate brokers to claim liens on commercial real estate for unpaid commissions under written agreements signed by the owner or authorized agent.

Lien attachment requires the broker to file a timely notice of lien with the chancery clerk before property conveyance (or within 90 days for lease/nonfreehold interests), and the broker must mail a copy to the owner by certified mail or serve notice by legal process.

Broker must commence enforcement proceedings within 18 months of filing the lien or the lien is extinguished; liens may be discharged through written satisfaction, judgment, bond deposit, or fund deposit equal to 125% of the claimed amount.

Prevailing party in lien enforcement litigation recovers costs, attorney's fees, and prejudgment interest from the nonprevailing party; prior recorded mortgages and liens take priority over broker liens.

Act becomes effective July 1, 2013.