§ 18-48-803 - Lien upon personal property. - Arkansas Statutes

18-48-803. Lien upon personal property.

(a) (1) A licensee shall have a lien in the amount that the owner has agreed to pay the licensee 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 is:

(A) Upon personal property, not upon real property; and

(B) Available only to the licensee identified in the representation agreement and may 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 licensee 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 18-48-807 if the identity of the escrow closing agent is actually known by the licensee.

(3) A lien created as the result of a lease of commercial real estate is:

(A) Not effective unless it is recorded before the tenant takes possession of the leased commercial real estate; and

(B) Null and void unless the licensee 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 18-48-807 within ten (10) days of recording the licensee's notice of claim of lien against proceeds.