(a) All actions under this subchapter shall be commenced within fifteen (15) months after filing the lien and prosecuted without unnecessary delay to final judgment.
(b) No lien shall continue to exist by virtue of the provisions of this subchapter for more than fifteen (15) months after the lien is filed, unless within that time:
(1) An action shall be instituted as described in this subchapter; and
(2) A lis pendens is filed under § 16-59-101 et seq.