Sec. 11. (a) The broker company claiming the lien shall, not later than one (1) year after recording the notice of the lien, commence proceedings to foreclose the lien. However, for future fees or commissions payable over a period in excess of one (1) year from the occurrence of a condition for which such future fees or commissions are claimed, the commencement of the suit must be within one (1) year of the latest date for which future fees or commissions are due. A broker company’s failure to commence proceedings within the time prescribed by this subsection extinguishes the lien and a subsequent notice of lien may not be given for the same claim, nor may that claim be asserted in any other proceedings under this chapter.

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Terms Used In Indiana Code 32-28-12.5-11

  • 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

  • Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
  • Contract: A legal written agreement that becomes binding when signed.
  • fees or commissions: means compensation owed to a broker company for performing services requiring a license under Indiana Code 32-28-12.5-2
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
  • 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
  • Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
     (b) A broker company claiming a lien based upon an option or other right to purchase or lease commercial real estate shall, not later than one (1) year after recording the notice of the lien, commence proceedings to foreclose the lien. A broker company’s failure to commence proceedings within the time prescribed by this subsection extinguishes the lien and a subsequent notice of lien may not be given for the same claim, nor may that claim be asserted in any other proceedings under this chapter.

     (c) The foreclosure of a lien recorded under this chapter shall be conducted under the same rules and same procedures applicable to the foreclosure of mortgages upon real estate. A complaint under this section must contain:

(1) a brief statement of the written agreement, contract, or other written instrument that is the basis for the lien;

(2) the date when the written agreement, contract, or other written instrument was made;

(3) a description of the services performed by the broker company;

(4) the amount due and unpaid for the services described in subdivision (3);

(5) a description of the commercial real estate subject to the notice of lien; and

(6) other facts reasonably necessary to describe the rights of the parties.

As added by P.L.78-2006, SEC.1. Amended by P.L.127-2012, SEC.57; P.L.116-2015, SEC.30.

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