§ 38-22.5-101. Short Title
This article shall be known and may be cited as the “Commercial Real Estate Brokers Commission Security Act”. Source: L. 2010: Entire article added, (HB 10-1288), ch. 179, p. 642, § 1, effective August 11.
§ 38-22.5-102. Definitions
As used in this article 22.5, unless the context otherwise requires: “Agreement” means a written listing agreement, written compensation agreement, or other written agreement between a real estate broker and an owner that grants the real estate broker a right to compensation for professional services in connection with leasing or attempting to lease commercial real […]
§ 38-22.5-103. Brokers’ Lien for Compensation for Services – Requirements
A real estate broker shall have a lien on commercial real estate, in the amount of the compensation as set forth in the agreement, if: Such real estate is listed with the real estate broker under terms of an agreement or is the subject of an agreement; and The real estate broker has provided licensed […]
§ 38-22.5-104. Notice of Intent – Lien Notice – Service – Contents – Filing
The real estate broker shall serve a notice of intent to record a notice of lien upon the owner at least thirty days before recording the notice of lien with the county clerk and recorder of the county in which the commercial real estate is located. Such notice of intent shall be served by personal […]
§ 38-22.5-105. Mediation Period
The real estate broker shall make a good faith effort to attempt to resolve the nonpayment of the commission through mediation. The mediator’s recommended resolution is not binding unless the parties so agree in writing. The parties shall jointly appoint an acceptable mediator and shall share equally in the cost of the mediation. Mediation shall […]
§ 38-22.5-106. When Lien Attaches – Effect of Payment by Installments – Affirmative Defense
The lien created by section 38-22.5-103 attaches to an interest in commercial real estate when all of the following conditions are met: The real estate broker either: Procures a person or entity who leases the property in accordance with the agreement; or Has otherwise earned a fee or commission in accordance with the agreement; The […]
§ 38-22.5-107. Conditions on Validity of Lien – Subsequent Service of Notice to Owner – Action Commenced Within Six Months
No lien claimed by virtue of this article shall hold the property longer than ten days after the recording of the notice of lien under section 38-22.5-104 unless the real estate broker provides a copy of the notice of lien to the owner or owner’s agent by personal service or by registered or certified mail, […]
§ 38-22.5-108. Priority of Liens
The priority of a lien created under this article in relation to other interests in the subject property shall be determined in accordance with section 38-35-109. Source: L. 2010: Entire article added, (HB 10-1288), ch. 179, p. 645, § 1, effective August 11.
§ 38-22.5-109. Satisfaction or Release of Brokers’ Lien – Written Demand by Owner – Obligation to Record
If a real estate brokers’ lien has been recorded pursuant to section 38-22.5-106 and the indebtedness has been paid in full or the lien is not valid and enforceable in accordance with this article and other applicable law, the real estate broker shall acknowledge satisfaction or release of such lien in writing within ten days […]
§ 38-22.5-110. Spurious Liens
Section 38-35-204 applies to liens asserted pursuant to this article. Source: L. 2010: Entire article added, (HB 10-1288), ch. 179, p. 646, § 1, effective August 11.
§ 38-22.5-111. Substitution of Bond Allowed – Lien to Be Discharged
Whenever a brokers’ lien has been recorded in accordance with this article, the owner of any interest in the property subject to the lien may, at any time, file with the clerk of the district court of the county wherein the property is situated a corporate surety bond or similar financial assurance. Such bond or […]