Bill Summary for H 175 (2011-2012)

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Summary date: 

Feb 23 2011
S.L. 2011-165

Bill Information:

View NCGA Bill Details2011-2012 Session
House Bill 174 (Public) Filed Wednesday, February 23, 2011
TO ENACT THE COMMERCIAL REAL ESTATE BROKER LIEN ACT.
Intro. by McCormick, Gibson, Daughtry.

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Bill summary

Enacts new Part 4 to Article 2 of GS Chapter 44A as title indicates. Provides that a commercial real estate broker has a lien on commercial real estate in the amount that the broker is due under a written instrument signed by the owner of an interest in the real estate or the owner’s authorized agent. Provides that the lien is available only to the broker named in the instrument signed by the owner, buyer, or tenant or that individual’s agent. Prescribes procedures for notice of the lien, attachment of the lien, release or satisfaction of the lien, and enforcement of the lien. Provides that the costs of the proceeding to enforce a lien, including reasonable attorneys’ fees and prejudgment interest, must be paid by the nonprevailing party. Identifies circumstances under which an escrow account must be established with the clerk of superior court with reference to a lien claim under proposed Part 4. Effective October 1, 2011.