Notice of claim of lien against proceeds

  1. Law
  2. Arkansas Code
  3. Property
  4. Mortgages And Liens
  5. Miscellaneous Liens on Personal Property
  6. Principal Broker Real Estate Lien Act
  7. Notice of claim of lien against proceeds

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  1. (a) A notice of claim of lien against proceeds shall state:

    1. (1) The name, address, and telephone number of the principal broker;

    2. (2) The date of the representation agreement;

    3. (3) The name of the owner of the commercial real estate;

    4. (4) The legal description of the commercial real estate as described in the representation agreement;

    5. (5) The amount of the claimed lien expressed as either a specified sum, a percentage of the sales price, or a formula;

    6. (6) The real estate license number of the principal broker;

    7. (7) That the lien claimant has read the notice of claim of lien, knows its contents, and believes:

      1. (A) The statements contained in the notice of claim of lien to be true and correct; and

      2. (B) That the claim is made pursuant to a valid representation agreement and is not frivolous; and

    8. (8) That the information contained in the notice of claim of lien is true and accurate to the knowledge of the signatory.

  2. (b) The notice of claim of lien against proceeds shall be notarized.

  3. (c) A copy of the representation agreement shall be attached to the notice of claim of lien against proceeds.


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