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Current as of January 01, 2025 | Updated by Findlaw Staff
Unless an alternative procedure is available and is acceptable to the transferee in a real estate transaction, if a claim for a real estate broker's lien has been filed with the county recorder of deeds and such lien would prevent the closing of a transaction or conveyance, an escrow account shall be established with the clerk of the circuit court in the county in which the commercial real estate is located from the proceeds of the transaction or conveyance in an amount sufficient to release the claim for the lien. The requirement to establish an escrow account, as provided in this section, shall not be cause for any party to refuse to close a transaction. The proceeds held in such escrow account shall be held by the circuit clerk until the parties' rights to the escrowed funds have been determined by written agreement of the parties, by a final judgment of the circuit court or by other process as may be agreed to by the parties. If funds sufficient to satisfy the amount claimed in the lien have been deposited in the escrow account, the real estate broker shall release the claim for the lien on such real estate.
Cite this article: FindLaw.com - Missouri Revised Statutes Title XXVII. Debtor-Creditor Relations § 429.627. Lien preventing closing, escrow account to be established with clerk of circuit court--funds in account held until parties' rights determined--release of broker's lien when - last updated January 01, 2025 | https://codes.findlaw.com/mo/title-xxvii-debtorcreditor-relations/mo-rev-st-429-627/
FindLaw Codes may not reflect the most recent version of the law in your jurisdiction. Please verify the status of the code you are researching with the state legislature before relying on it for your legal needs.
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