Effective: September 11, 1997
Latest Legislation: House Bill 158 - 122nd General Assembly
(A) Except as provided in division (D) of this section, to enable a transfer of lien property to close when a broker's perfected lien may otherwise prevent the closing, a separate escrow account shall be established by the owner into which moneys from the proceeds of the closing shall be deposited in an amount sufficient to release the broker's lien. The moneys shall be held in escrow and shall only be released as ordered by a court of competent jurisdiction, or as directed by agreement of the broker and owner or by any process agreed to by the broker and owner.
(B) An owner may not refuse to close a transfer of lien property because of the requirement to establish an escrow account under division (A) of this section. A prospective transferee of lien property shall not refuse to close the transfer of the lien property solely because the broker recorded a lien affidavit under this section, if all of the following have occurred:
(1) The owner has established the escrow account required by division (A) of this section;
(2) The prospective transferee has received from the escrow agent for the escrow account required by division (A) of this section a verified statement that the escrow account has been established.
(C) When funds have been placed in escrow pursuant to division (A) of this section, the broker claiming a broker's lien under this section has an equitable lien on the escrowed funds, and the lien recorded on the lien property shall be extinguished as a matter of law.
(D) The broker and owner are not required to follow the escrow procedures described in this section if either of the following applies:
(1) An alternative procedure is available that would allow the transfer of lien property to close and that procedure is acceptable to the broker and prospective transferee.
(2) The proceeds from the transfer of lien property would be insufficient to release all liens, including the broker's lien, that are claimed against the lien property.
Structure Ohio Revised Code
Title 13 | Commercial Transactions
Section 1311.01 | Lien Definitions.
Section 1311.011 | Liens for Home Construction Work.
Section 1311.02 | Lien of Subcontractor, Laborer or Materialman.
Section 1311.021 | Lien for Labor or Work or Materials Upon Oil or Gas Well or Facilities.
Section 1311.03 | Lien Upon Street, Turnpike, Road, Sidewalk, Way, Drain, Ditch or Sewer.
Section 1311.04 | Recording Notice of Commencement.
Section 1311.05 | Subcontractor or Materialman to Serve Notice of Furnishing.
Section 1311.06 | Affidavit - Time Period for Filing - Contents.
Section 1311.07 | Copy of Affidavit to Be Served on Owner or Lessee.
Section 1311.08 | Lien When Improvement Situated on Same or Contiguous or Adjacent Lots.
Section 1311.09 | Lien When Contracting Person Has No Title to Land Improved.
Section 1311.10 | Presumptions.
Section 1311.11 | Notifying Lienholder to Commence Suit.
Section 1311.12 | When Lien for Furnishing Materials Arises.
Section 1311.13 | Attaching of Liens - Continuance and Priority.
Section 1311.14 | Priority of Mortgage Lien.
Section 1311.16 | Proceeding by Person Holding Mechanic's Lien.
Section 1311.17 | Adjustment of Claim When Owner Fails to Perform.
Section 1311.18 | Sale of Part of Premises.
Section 1311.20 | Damages for Neglect or Refusal to Release Lien.
Section 1311.22 | Liberal Construction.
Section 1311.23 | Lien Upon Mines for Labor.
Section 1311.25 | Public Improvement Definitions.
Section 1311.251 | Claim for Furnishing Materials.
Section 1311.252 | Notice of Commencement - Affidavit.
Section 1311.26 | Subcontractor, Materialman or Laborer May Serve Affidavit on Public Authority.
Section 1311.261 | Notice of Furnishing.
Section 1311.28 | Public Authority to Detain Funds Upon Receipt of Affidavit - Escrow Account.
Section 1311.31 | Action by Claimant to Enforce Payment.
Section 1311.311 | Notice to Commence Suit.
Section 1311.32 | Enforcement by Civil Action.
Section 1311.34 | Laborers Shall Have Lien Upon Real Property of Employer.
Section 1311.35 | Waiver of Lien.
Section 1311.36 | Enforcement and Priority of Liens.
Section 1311.37 | When General Employer Assumes Payment.
Section 1311.38 | Definition of Owner.
Section 1311.39 | Liens Against a Railroad Company.
Section 1311.40 | Priority of Payment in Contracts for Railroad Work.
Section 1311.42 | Perfecting a Lien.
Section 1311.43 | Proceeding After Filing Affidavit.
Section 1311.44 | Proceeding by Petition.
Section 1311.45 | Contractor to Be Notified of Time of Payment.
Section 1311.46 | Adjusting Disputed Claims.
Section 1311.47 | Others Who May Claim Liens.
Section 1311.48 | Lien for Care of Animals.
Section 1311.49 | Sale of Animal to Satisfy Claim.
Section 1311.50 | Lien Upon Get for Service.
Section 1311.51 | Enforcement of Lien.
Section 1311.55 | Agricultural Product Lien.
Section 1311.56 | Perfection of Producer's or Handler's Lien - Affidavit.
Section 1311.57 | Priority and Duration of Lien.
Section 1311.59 | Rights of Executors, Administrators, Part Owners, and Lessees.
Section 1311.71 | Aircraft Definitions.
Section 1311.72 | Lien for Labor or Materials for Aircraft.
Section 1311.74 | Service of Copy of Affidavit on Owner.
Section 1311.75 | Priority of Liens.
Section 1311.76 | Enforcement and Priority of Liens - Claimant to Give Notice of Release.
Section 1311.77 | Owner May Obtain Release of Aircraft by Filing Surety Bond.
Section 1311.78 | Notifying Lien Claimant to Commence Suit.
Section 1311.79 | Maintaining Lien After Notice to Commence Suit.
Section 1311.80 | Award of Attorney's Fees.
Section 1311.85 | Broker's Lien on Commercial Realty Definitions.
Section 1311.86 | Broker's Lien on Commercial Real Estate.
Section 1311.87 | Perfection of Lien.
Section 1311.88 | Proceedings to Enforce Lien.
Section 1311.89 | Sale of Foreclosed Property - Alternative Dispute Resolution.
Section 1311.90 | Broker to Record Release or Satisfaction.
Section 1311.91 | Priority of Mechanic's Liens.
Section 1311.92 | Transfer of Lien Property - Escrow Account.