I. Whenever a notice of lien securing a principal broker’s lien has been filed with the registry of deeds, an escrow account may be established from the proceeds of the sale of the commercial real estate in an amount equal to the amount of the notice of lien. The option to establish an escrow account, as provided for in this section, shall not be cause for any party to the real estate transaction to refuse to close the sale of the commercial real estate. The escrowed funds shall be held in escrow until the parties’ rights to the escrowed moneys have been determined by written agreement of the parties, by a court of law, or by any other process as may be agreed to by the parties for resolution of their dispute. Upon the escrow of funds in the amount of the claimed lien, the lien or claim of lien shall be automatically dissolved, and a release of the notice of lien shall be provided by the principal broker and recorded forthwith at the registry of deeds in the county where the real estate is located. Once the principal broker has provided the release, the principal broker who has claimed a notice of lien and provided such release shall have an equitable lien on the funds which were or shall be held in escrow.
II. The parties are not required to follow this escrow procedure if alternative procedures which would allow the transaction to close are available and are acceptable to the transferee, the transferor, and the principal broker in the transaction. If the proceeds from the transaction are insufficient to release all liens claimed against the commercial real estate, including the principal broker’s notice of lien, then the parties are not required to follow this escrow procedure.