Sec. 18. If:

(1) a claim for a lien under this chapter has been filed with the office of the recorder of the county in which commercial real estate or any interest in commercial real estate is located; and

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Terms Used In Indiana Code 32-28-12.5-18

  • broker company: has the meaning set forth in Indiana Code 32-28-12.5-0.5
  • commercial real estate: means any real estate other than:

    Indiana Code 32-28-12.5-1

  • Escrow: Money given to a third party to be held for payment until certain conditions are met.
  • fees or commissions: means compensation owed to a broker company for performing services requiring a license under Indiana Code 32-28-12.5-2
  • Lien: A claim against real or personal property in satisfaction of a debt.
  • real estate: has the meaning set forth in Indiana Code 32-28-12.5-4
(2) an escrow account is established among:

(A) the one (1) or more parties allegedly responsible for payment of the fees or commissions on which the lien is based;

(B) the broker company that filed the lien; and

(C) an independent third party as escrowee;

from the proceeds of the conveyance, or from any other source of funds, in an amount that is at least one hundred ten percent (110%) of the amount of the lien claimed under this chapter;

the lien against the real estate is extinguished and becomes a lien on the funds contained in the escrow account. The establishment of an escrow account described in this section does not constitute cause for any party to refuse to close the transaction.

As added by P.L.78-2006, SEC.1. Amended by P.L.127-2012, SEC.62; P.L.116-2015, SEC.35.

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