Section 429.627

Title XXVII DEBTOR-CREDITOR RELATIONS

Chapter 429

Effective - 28 Aug 1993   

  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. — 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.

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(L. 1993 S.B. 18 § 11)

(2000) Execution by a holder of a deed of trust of a statutorily required deed of release in exchange for application of sale proceeds does not result in a loss of lien priority to a broker's lien asserted against proceeds of sale by the real estate broker under the Commercial Real Estate Brokers' Lien Act.  Dalton Investments, Inc. v. Nooney Co., 10 S.W.3d 590 (Mo.App.E.D.).