429.627. Lien preventing closing, escrow account to be established with clerk of circuit court--funds in account held until parties' rights determined--release of broker's lien when. - Missouri Statutes

Lien preventing closing, escrow account to be established with clerkof circuit court--funds in account held until parties' rightsdetermined--release of broker's lien when.

429.627. Unless an alternative procedure is available andis acceptable to the transferee in a real estate transaction, ifa claim for a real estate broker's lien has been filed with thecounty recorder of deeds and such lien would prevent the closingof a transaction or conveyance, an escrow account shall beestablished with the clerk of the circuit court in the county inwhich the commercial real estate is located from the proceeds ofthe transaction or conveyance in an amount sufficient to releasethe claim for the lien. The requirement to establish an escrowaccount, as provided in this section, shall not be cause for anyparty to refuse to close a transaction. The proceeds held insuch escrow account shall be held by the circuit clerk until theparties' rights to the escrowed funds have been determined bywritten agreement of the parties, by a final judgment of thecircuit court or by other process as may be agreed to by theparties. If funds sufficient to satisfy the amount claimed inthe lien have been deposited in the escrow account, the realestate broker shall release the claim for the lien on such realestate.

(L. 1993 S.B. 18 § 11)

(2000) Execution by a holder of a deed of trust of a statutorily required deed of release in exchange for application of sale proceeds does not result in a loss of lien priority to a broker's lien asserted against proceeds of sale by the real estate broker under the Commercial Real Estate Brokers' Lien Act. Dalton Investments, Inc. v. Nooney Co., 10 S.W.3d 590 (Mo.App.E.D.).