(a) No notice of lien provided for in this chapter binds any property for a period of time longer than 90 days after the recording of the notice of lien unless within that time an action to foreclose the lien is commenced in a proper court or unless within that time the claimant has recorded an affidavit, as provided in subsection (b) of this section, that no cause of action has accrued to him under the contract for which he recorded the notice of lien, except that, if credit is given and notice of the fact and terms of such credit is recorded in the office of the recorder subsequent to the recording of such notice of lien and prior to the expiration of such 90-day period, then such lien continues in force until 90 days after the expiration of such credit. In no case shall the lien continue in force longer than one year from the time of completion of the improvement.
(b) A claimant may record in the office in which the lien was recorded an affidavit which states that no cause of action has accrued to him under the contract for which he recorded the notice of lien. The affidavit shall refer to the notice of lien concerned, giving the recording office document location reference and date of recording of the notice of lien, the name of the owner and of the claimant, and shall state the date when a cause of action shall accrue to the claimant. If no exact date is known, the affidavit shall give a good faith estimate of the date. If no exact date is known, the affidavit shall be effective for only 90 days, and a new affidavit must be filed. The new affidavit must state all information required in this section. If separate lots, parcels or tracts of real estate are being improved under a single notice of lien, an affidavit under this section must specify the information according to lot, parcel or tract.
(c) As against any purchaser or encumbrancer for value and in good faith whose rights are acquired subsequent to the expiration of the 90-day period following the recording of the claim of lien, no giving of credit shall be effective unless evidenced by a notice recorded in the office of the recorder prior to the acquisition of the rights of such purchaser or encumbrancer.