Indiana Code 32-28-12.5-11. Foreclosure of lien; procedures; contents of complaint
(b) A broker company claiming a lien based upon an option or other right to purchase or lease commercial real estate shall, not later than one (1) year after recording the notice of the lien, commence proceedings to foreclose the lien. A broker company’s failure to commence proceedings within the time prescribed by this subsection extinguishes the lien and a subsequent notice of lien may not be given for the same claim, nor may that claim be asserted in any other proceedings under this chapter.
Indiana Code 32-28-12.5-1Terms Used In Indiana Code 32-28-12.5-11
(1) a brief statement of the written agreement, contract, or other written instrument that is the basis for the lien;
(2) the date when the written agreement, contract, or other written instrument was made;
(3) a description of the services performed by the broker company;
(4) the amount due and unpaid for the services described in subdivision (3);
(5) a description of the commercial real estate subject to the notice of lien; and
(6) other facts reasonably necessary to describe the rights of the parties.
As added by P.L.78-2006, SEC.1. Amended by P.L.127-2012, SEC.57; P.L.116-2015, SEC.30.