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
(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.
Structure Indiana Code
Article 28. Liens on Real Property
Chapter 12.5. Commercial Real Estate Broker Liens
32-28-12.5-0.5. "Broker Company"
32-28-12.5-1. "Commercial Real Estate"
32-28-12.5-2. "Fees or Commissions"
32-28-12.5-3. "Managing Broker"
32-28-12.5-6. When Lien Attaches to Commercial Real Estate
32-28-12.5-10. Notice of Lien; Service on Owner; Mailing or Personal Service
32-28-12.5-11. Foreclosure of Lien; Procedures; Contents of Complaint
32-28-12.5-12. Notice of Lien; Contents; Signature; Verification
32-28-12.5-14. Alternative Dispute Resolution; Forum; Judgment; Stay of Foreclosure Proceeding
32-28-12.5-15. Cost of Proceedings; Apportionment
32-28-12.5-16. Waiver of Right to Lien Void
32-28-12.5-17. Prior Recorded Liens, Mortgages, and Encumbrances; Priority