SB587: Bill Text

SB587,9,16 779.32 (4) (b) (intro.) The notice of lien shall be signed by the broker and shall include all of the following information:

SB587, s. 12 Section 12. 779.32 (4) (b) 4. of the statutes is amended to read:

SB587,9,19 779.32 (4) (b) 4. The amount of the lien at the time the notice lien is filed recorded.

SB587, s. 13 Section 13. 779.32 (4) (c) of the statutes is amended to read:

SB587,9,24 779.32 (4) (c) A broker shall mail a copy of the notice of lien to the owner or acquirer of the commercial real estate that is subject to the lien within 72 hours after the filing of the notice recording of the lien under par. (a). A lien under this section is effective only from the date that it is perfected under this subsection.

SB587, s. 14 Section 14. 779.32 (4) (d) of the statutes is amended to read:

SB587,10,4 779.32 (4) (d) A lien that is perfected under this subsection by a broker secures all unpaid commissions or compensation that is due that broker with respect to the commercial real estate subject to that lien, regardless of whether the commission or compensation was earned at the time the lien was filed recorded.

SB587, s. 15 Section 15. 779.32 (4m) of the statutes is amended to read:

SB587,10,12 779.32 (4m) Duty of register of deeds. If a notice of lien meets the requirements under sub. (4), the register of deeds shall accept the notice of lien for filing recording. The register of deeds shall index the notice of lien under the name of the owner or acquirer of the commercial real estate who is subject to the lien. If the register of deeds maintains a tract index, the register of deeds shall also index the notice of lien under the legal description of the real estate against which a lien is claimed.

SB587, s. 16 Section 16. 779.32 (8) (a) 1. of the statutes is amended to read:

SB587,10,15 779.32 (8) (a) 1. The person owing the commission or compensation pays the broker in full the amount specified in the notice of lien.

SB587, s. 17 Section 17. 779.32 (8) (a) 2. of the statutes is amended to read:

SB587,10,23 779.32 (8) (a) 2. The person owing the commission or compensation pays an amount equal to 125% of the commission or compensation owed into the trust account of the broker or, the trust account of any attorney who does not represent any party to the dispute and who is in good standing with the State Bar of Wisconsin, or to a mutually agreed-upon 3rd party. The moneys shall be held in escrow until disbursed pursuant to the written mutual agreement of the parties or pursuant to a court order.

SB587, s. 18 Section 18. 779.32 (8) (am) of the statutes is created to read:

SB587,11,2 779.32 (8) (am) The satisfaction of lien shall include the information listed in sub. (4) (b) 1. to 3.

SB587, s. 19 Section 19. 779.32 (8) (b) of the statutes is repealed and recreated to read:

SB587,11,5 779.32 (8) (b) The satisfaction of lien shall be recorded with the register of deeds.

SB587, s. 20 Section 20. 779.32 (8) (c) 2. of the statutes is amended to read:

SB587,11,8 779.32 (8) (c) 2. If the satisfaction is required under par. (a) 1., the date on which the broker receives payment in full of the amount specified in the notice of lien.

SB587, s. 21 Section 21. 779.32 (9) of the statutes is repealed and recreated to read:

SB587,11,17 779.32 (9) Extinguishment of notice of interest. A notice of interest expires and is extinguished if a new notice of interest is not recorded under sub. (3) within 2 years after the recording of the original notice of interest. A notice of interest may be rescinded by the recording of a notice with the register of deeds in the county where the real property is located, indicating that the broker is no longer claiming an interest under this section. A broker shall record a notice rescinding the notice of interest if the contract or agreement under which the interest was created expires or is terminated.

SB587, s. 22 Section 22. 779.32 (10) of the statutes is created to read:

SB587,12,2 779.32 (10) Foreclosure of lien; procedure, parties. In the foreclosure of a lien under this section, ch. 846 shall control as far as applicable. All persons who have recorded a lien under this section may join as plaintiffs, and if any do not join they may be made defendants. All persons having liens subsequent to such lien may be joined as defendants. If any person who is a proper party is not a party to the action the person may, at any time before judgment, be made a defendant, and any person who after the commencement of the action obtains a lien or becomes a purchaser may, at any time before judgment, be made a defendant.

SB587, s. 23 Section 23. 779.32 (11) of the statutes is created to read:

SB587,12,7 779.32 (11) Waiver of lien. A broker may waive the lien under this section in writing signed by the broker, but no action or agreement between any other persons may invalidate the lien, other than the payment in full to the broker of the commission or compensation to which the lien relates.

SB587, s. 24 Section 24. 840.11 (1) of the statutes is amended to read:

SB587,12,22 840.11 (1) Every person who makes an application to any court, county board, common council, or village or town board for laying out, widening, vacating, or extending any street, alley, water channel, park, highway, or other public place shall, at or prior to the time of filing the same with the proper officer, file a notice of the pendency of such application present for recording in the office of the register of deeds of each county in which the affected land is situated a lis pendens, as provided in s. 840.10, containing the person's name and a brief statement of the object thereof and a map and description of the land to be affected thereby in the office of the register of deeds of each county in which any such land is situated. Neglect to comply with these provisions shall render all proceedings based upon such application void, but no order vacating, or proceedings for the vacation of, any street, alley, water channel, park, highway or other public place, made or had before May 25, 1905, shall be void solely by reason of the failure to file such notice of the pendency of such application, map and description.

SB587, s. 25 Section 25. 840.11 (2) of the statutes is amended to read:

SB587,13,8 840.11 (2) No final order, judgment or decree or final resolution or order taking or affecting such land, based upon any application therefor, shall have any effect or be notice to any subsequent purchaser or encumbrancer unless a certified copy thereof, giving a full and accurate containing a legal description, as defined in s. 706.01 (7r), of the land affected thereby, and accompanied with a map showing the location thereof, is recorded in the office of the register of deeds of the county in which the land is situated. A resolution or order made by any such body, whereby any land shall be taken or affected without an application having been made therefor, shall have no effect and shall not be notice to any subsequent purchaser or encumbrancer unless such resolution or order is recorded.

SB587, s. 26 Section 26. Initial applicability.

SB587,13,10 (1) Laying out, vacating, or extending public ways.

SB587,13,12 (a) Lis pendens. The treatment of section 840.11 (1) of the statutes first applies to applications that are made on the effective date of this paragraph.

SB587,13,16 (b) Final order or resolutions. The treatment of section 840.11 (2) of the statutes, with respect to legal descriptions, first applies to a final order, judgment or decree or final resolution or order that is recorded on the effective date of this paragraph.

SB587,13,20 (c) Resolutions or orders without application. The treatment of section 840.11 (2) of the statutes, with respect to the effect of and notice provided by resolutions or orders without an application having been made, first applies to a resolution that is adopted or an order that is made on the effective date of this paragraph.

SB587,14,2 (2) Commercial real estate liens. The treatment of section 779.32 (1) (d), (2) (b) and (c), (2m), (3) (intro.) and (c), (4) (a) (intro.), 1., and 2. a. and b., (b) (intro.) and 4., (c), and (d), (4m), (8) (a) 1. and 2., (am), (b), and (c) 2., (9), (10), and (11) of the statutes first applies to a real estate broker's commission or compensation earned on the effective date of this subsection.

SB587,14,3 (End)