SENATE AMENDMENT 2,
TO 1997 SENATE BILL 369
April 30, 1998 - Offered by Senator Rude and Schultz.
SB369-SA2,1,11 At the locations indicated, amend the bill as follows:
SB369-SA2,1,2 21. Page 3, line 11: delete lines 11 to 14 and substitute:
SB369-SA2,1,13 3"(3) Notice of intent to claim lien. A broker has a lien under sub. (2) (a) or
4(b) only if the broker files or records a written notice of intent to claim a lien under
5this section at the office of the register of deeds for the county in which the
6commercial real estate is located and delivers a copy of the notice to the person owing
7the commission under sub. (2) (a) or (b). A broker has a lien under sub. (2) (c) only
8if the broker provides a written notice of intent to claim a lien under this section to
9the person owing the compensation under sub. (2) (c). All notices required under this
10subsection shall contain the name of each party to the agreement under which the
11lien is claimed, the date that the agreement was entered into and a brief description
12of the commercial real estate on which the lien is intended to be claimed. All notices
13required under this subsection shall be provided within the following time periods:".
SB369-SA2,2,2
12. Page 3, line 15: on lines 15 and 17, delete "72 hours" and substitute "30
2days".
SB369-SA2,2,4 33. Page 3, line 23: delete lines 23 and 24 and substitute "commercial real estate
4is located. The lien must be perfected no later than the following:".
SB369-SA2,2,5 54. Page 4, line 1: delete lines 1 and 2 and substitute:
SB369-SA2,2,9 6"1. In the case of a lien under sub. (2) (a) or (b), 3 days prior to the date that the
7conveyance documents are recorded with the register of deeds in the county where
8the real property, that is the subject of the listing contract or buyer agency contract,
9is located.
SB369-SA2,2,1010 2. In the case of a lien under sub. (2) (c), 90 days after the later of the following:".
SB369-SA2,2,11 115. Page 4, line 3: delete "2." and substitute "a.".
SB369-SA2,2,12 126. Page 4, line 4: delete "subdivision" and substitute "subd. 2. a.".
SB369-SA2,2,14 137. Page 4, line 6: delete that line and substitute "lease or management
14agreement.".
SB369-SA2,2,15 158. Page 4, line 7: delete "3." and substitute "b.".
SB369-SA2,2,16 169. Page 4, line 9: delete "subdivision" and substitute "subd. 2. b.".
SB369-SA2,2,18 1710. Page 4, line 10: delete that line and substitute "that the payment of it is
18due under the".
SB369-SA2,2,19 1911. Page 4, line 11: delete "or the".
SB369-SA2,2,21 2012. Page 4, line 21: after "(a)" insert "A lien under this section is effective only
21from the date that it is perfected under this subsection.".
SB369-SA2,2,22 2213. Page 4, line 25: after that line insert:
SB369-SA2,3,6
1"(4m) Duty of register of deeds. If a notice of lien meets the requirements
2under sub. (4), the register of deeds shall accept the notice of lien for filing. The
3register of deeds shall index the notice of lien under the name of the owner or acquirer
4of the commercial real estate who is subject to the lien. If the register of deeds
5maintains a tract index, the register of deeds shall also index the notice of lien under
6the legal description of the real estate against which a lien is claimed.".
SB369-SA2,3,10 714. Page 5, line 2: delete lines 2 to 4 and substitute "on the commercial real
8estate, except tax and special assessment liens, liens created under subch. I of ch.
9779, purchase money mortgages, liens that are filed or recorded before the lien under
10this section is perfected and any other lien given priority under the law.".
SB369-SA2,3,11 1115. Page 5, line 5: delete lines 5 to 19 and substitute:
SB369-SA2,3,15 12"(8) Satisfaction of the lien. (a) Upon the request of any person interested
13in the real estate that is the subject of a lien under this section, the broker shall
14execute and deliver a satisfaction of lien to the interest party, if one of the following
15conditions is met:
SB369-SA2,3,1716 1. The person owing the commission or compensation pays the broker in full
17the amount specified in the notice of lien.
SB369-SA2,3,2318 2. The person owing the commission or compensation pays an amount equal
19to 125% of the commission or compensation owed into the trust account of the broker
20of the trust account of any attorney who does not represent any party to the dispute
21and who is in good standing with the state bar of Wisconsin. The moneys shall be
22held in escrow until disbursed pursuant to the written mutual agreement of the
23parties or pursuant to a court order.
SB369-SA2,4,4
13. If the parties to the contract or agreement giving rise to the lien agree to
2binding arbitration regarding the disputed commission or compensation and if the
3parties to the contract or agreement, other than the broker, agree to pay all of the
4costs of the arbitration.
SB369-SA2,4,95 (b) Upon the filing of a satisfaction of lien under par. (a) with the register of
6deeds, the register of deeds shall index the satisfaction under the name of the owner
7or acquirer of the commercial real estate who was subject to the satisfied lien. If the
8register of deeds maintains a tract index, the satisfaction shall also be indexed under
9the legal description of the real estate against which the lien was claimed.
SB369-SA2,4,1310 (c) A broker is liable to a person requesting a lien satisfaction under this
11subsection for a sum equal to 50% of the sum claimed in the lien claim, if the broker
12does not provide the requested satisfaction within 30 days of the later of the
13following:
SB369-SA2,4,1414 1. The date on which the request is received by the broker.
SB369-SA2,4,1615 2. If the satisfaction is required under par. (a) 1., the date on which the broker
16receives payment in full of the amount specified in the notice of lien.
SB369-SA2,4,1817 3. If the satisfaction is required under par. (a) 2., the date on which the broker
18receives evidence that the requirements under par. (a) 2. have been met.
SB369-SA2,4,2019 4. If the satisfaction is required under par. (a) 3., the date on which the broker
20receives the agreement to binding arbitration.
SB369-SA2,4,2221 5. If the satisfaction is required under par. (a) 3., the date on which the broker
22receives evidence of payment of the arbitrator's fee.".
Loading...
Loading...