33-1075 - Arizona Statutes

33-1075. Satisfaction of lien; damages A. On satisfaction of any lien established pursuant to this article, the lienholder shall record a satisfaction of the lien within thirty days. The satisfaction shall be in the form prescribed by section 11-480. A lienholder who fails to record a satisfaction of lien pursuant to this section is subject to the penalties prescribed by section 33-712. B. A broker shall record a waiver and release of claim of lien that extinguishes the broker's lien rights on either of the following: 1. Within thirty days after satisfaction of a broker's claim of lien arising pursuant to this article if satisfaction occurs before recording a notice of commercial real estate broker lien. 2. Within ten days after receipt of a written request from the owner and if the broker fails to record a notice of commercial real estate broker lien within the time period prescribed by section 33-1072, subsection A, paragraph 3, subdivision (a) or (b). C. A broker who is required to record a waiver and release of claim of lien by subsection B of this section and who fails to record a waiver is subject to the penalties prescribed by section 33-712. D. A waiver and release of claim of lien is sufficient if it complies with other applicable laws and if it is in substantially the following form: Waiver and Release of Claim of Lien I (we) hereby unconditionally waive and release any claim of lien evidenced by the recording of a "broker's preliminary notice of intent to lien" or "notice of commercial real estate broker lien", or both, recorded on (date) in docket or book __________ at page _______, or instrument number _______, records of ____________ county, Arizona. Dated: Signature (Acknowledgment)