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18-48-803. Lien upon personal property.
Arkansas Code — all titles (historical 2020) · legal_authorities
18-48-803. Lien upon personal property.
(a)(1) A principal broker has a lien in the amount that the owner has agreed to pay the principal broker or real estate firm under a representation agreement upon:
(A) The owner's net proceeds from the disposition of commercial real estate; and
(B) The net rental proceeds from the lease of commercial real estate.
(2) A lien created under subdivision (a)(1) of this section:
(A) Encumbers only personal property;
(B) Does not encumber real property; and
(C) May:
(i) Be asserted only by the principal broker identified in the representation agreement; and
(ii) Not be assigned voluntarily or by operation of law.
(b)(1) Subject to the requirements of subdivisions (b)(2) and (3) of this section, a lien created under subdivision (a)(1) of this section is:
(A) Effective on the date of the recording of a notice of claim of lien upon proceeds in accordance with subdivision (b)(2) of this section; and
(B) Perfected by recording the notice of claim of lien upon proceeds with the circuit clerk in the county or counties in which the commercial real estate is located.
(2)(A) A lien created as the result of a disposition of commercial real estate is not effective unless it is recorded before the deed conveying the commercial real estate is recorded in the office of the circuit clerk in the county or counties in which the commercial real estate is located.
(B) On or before the date the deed conveying the commercial real estate is recorded, the principal broker shall deliver a copy of the notice of claim of lien against proceeds to the escrow closing agent closing the disposition of commercial real estate in the manner provided in § 18-48-806 if the identity of the escrow closing agent is known by the principal broker.
(3
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-48-803
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. A text match is a research starting point; applicability is not established.
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Stable record: arkansas_code:legal_authorities:18-48-803
Source file: gov.ar.code.title.18.odt
Pages: Not recorded – Not recorded
Passage SHA-256: 7cb1755f38b3800a8f567d2b49dcc56a9d8f984c80669eea4a0aeb67cd7cc0af
Source location: content.xml paragraph 10778
Stored source content
18-48-803. Lien upon personal property.
(a)(1) A principal broker has a lien in the amount that the owner has agreed to pay the principal broker or real estate firm under a representation agreement upon:
(A) The owner's net proceeds from the disposition of commercial real estate; and
(B) The net rental proceeds from the lease of commercial real estate.
(2) A lien created under subdivision (a)(1) of this section:
(A) Encumbers only personal property;
(B) Does not encumber real property; and
(C) May:
(i) Be asserted only by the principal broker identified in the representation agreement; and
(ii) Not be assigned voluntarily or by operation of law.
(b)(1) Subject to the requirements of subdivisions (b)(2) and (3) of this section, a lien created under subdivision (a)(1) of this section is:
(A) Effective on the date of the recording of a notice of claim of lien upon proceeds in accordance with subdivision (b)(2) of this section; and
(B) Perfected by recording the notice of claim of lien upon proceeds with the circuit clerk in the county or counties in which the commercial real estate is located.
(2)(A) A lien created as the result of a disposition of commercial real estate is not effective unless it is recorded before the deed conveying the commercial real estate is recorded in the office of the circuit clerk in the county or counties in which the commercial real estate is located.
(B) On or before the date the deed conveying the commercial real estate is recorded, the principal broker shall deliver a copy of the notice of claim of lien against proceeds to the escrow closing agent closing the disposition of commercial real estate in the manner provided in § 18-48-806 if the identity of the escrow closing agent is known by the principal broker.
(3) A lien created as the result of a lease of commercial real estate is:
(A) Not effective unless it is recorded within ninety (90) days after:
(i) The tenant takes possession of the leased commercial real estate; or
(ii) For a renewal of a lease of commercial real estate, the commencement date of the renewal lease term; and
(B) Null and void unless the principal broker delivers a copy of the notice of claim of lien against proceeds to the owner of the commercial real estate in the manner provided in § 18-48-806 within ten (10) days of recording the principal broker's notice of claim of lien against proceeds.
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Arkansas Code — all titles (historical 2020) · legal_authorities
18-48-806. Delivery of notice of claim of lien.
(a) Except for service of a complaint under § 18-48-807 or § 18-48-808, a notice required to be delivered to a party under this subchapter shall be delivered by:
(1) Any form of service of process permitted by Rule 4 of the Arkansas Rules of Civil Procedure;
(2) Registered or certified mail, return receipt requested; or
(3) Personal or electronic delivery and evidence of delivery in the form of a receipt or other paper or electronic acknowledgment by or from the party to whom the notice is delivered.
(b) Delivery of the notice is effective at the time of:
(1) Personal service;
(2) Personal or electronic delivery; or
(3) Three (3) days after deposit in the mail.
(c)(1) Notice to a principal broker or owner of commercial real estate may be sent to:
(A) The address of the principal broker or owner that is provided in the representation agreement; or
(B) Any other address contained in a written notice from the principal broker or owner to the party giving the notice.
(2) If no address can be found under the provisions of subdivision (c)(1) of this section, the notice may be given to:
(A) The principal broker at his or her most recent address of record with the Arkansas Real Estate Commission; and
(B) The owner at the address of the owner's commercial real estate.
Source: Arkansas Code — historical release 78 (November 6, 2020) · 18-48-806
Stored review status: Historical 2020-11-06 source release; later amendments not reconciled; machine-extracted, not independently legally reviewed; source heading status: text_in_historical_source. The source passage cites 18-48-806. This identifies an authority to review, not proof of applicability.