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MS HB1395

Bill

Status

Failed

2/4/2014

Primary Sponsor

Scott DeLano

Click for details

Origin

House of Representatives

2014 Regular Session

AI Summary

  • 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.

  • 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.

  • 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.

  • Provides that the nonprevailing party in lien enforcement proceedings shall pay all costs, reasonable attorney's fees, and prejudgment interest to the prevailing party.

  • 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

Committee Referrals

Judiciary A1/20/2014

Full Bill Text

No bill text available