A. A commercial real estate broker lien recorded pursuant to this article is enforceable by foreclosure action in superior court as if the lien were a mortgage.
Terms Used In Arizona Laws 33-1074
- Action: includes any matter or proceeding in a court, civil or criminal. See Arizona Laws 1-215
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes both real and personal property. See Arizona Laws 1-215
B. A lien pursuant to this article is only valid for two years after the date that it is recorded unless an action is brought within that two years to enforce the lien and a notice of pendency of the action is recorded pursuant to section 12-1191 in the office of the county recorder in the county in which the property is located within five days after filing the action.
C. In any action to foreclose a commercial real estate broker lien, the prevailing party shall be awarded costs and reasonable attorney fees.