A. A broker claiming a lien under this act shall, within two (2) years after recording the notice of lien, bring suit to enforce the lien in the district court in the county where the property is located. Failure to commence proceedings as required herein within two (2) years after recording the notice of lien shall extinguish the lien. No subsequent notice of lien may be given for the same claim nor may that claim be asserted in any proceedings under this act.
B. A broker claiming a lien based upon an option or other right to purchase or lease shall, within two (2) years after the transfer or conveyance of the commercial real estate under the exercise of the option to purchase or lease, commence proceedings by filing a complaint. Failure to commence proceedings within this time shall extinguish the lien. No subsequent notice of lien may be given for the same claim nor may that claim be asserted in any proceedings under this act.
Added by Laws 2006, c. 166, § 5, eff. Nov. 1, 2006.
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