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MS HB1395
Bill
Status
2/4/2014
Primary Sponsor
Scott DeLano
Click for details
AI Summary
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Creates the "Commercial Real Estate Broker Lien Act" allowing licensed real estate brokers to file liens against commercial real estate for unpaid commissions under written service agreements.
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Requires liens to be filed with the chancery clerk before property conveyance (or within 90 days after for installment payments due post-transfer) and served on the property owner by certified mail or legal service.
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Establishes an 18-month deadline to file suit to enforce a lien after it is recorded; liens for options to purchase must be enforced within one year of exercise.
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Provides that the nonprevailing party in lien enforcement proceedings shall pay all costs, reasonable attorney's fees, and prejudgment interest to the prevailing party.
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Allows liens to be discharged by lien claimant acknowledgment, owner satisfaction instrument, failure to enforce within the prescribed timeframe, adverse judgment, or deposit of 125% of the claim amount with the chancery clerk.
Legislative Description
Commercial Real Estate Broker Lien Act; create.
Last Action
Died In Committee
2/4/2014