33-1075

33-1075. Satisfaction of lien; damages

A. On satisfaction of any lien established pursuant to this article, the lienholder
shall record a satisfaction of the lien within thirty days. The satisfaction shall be in
the form prescribed by section 11-480. A lienholder who fails to record a satisfaction
of lien pursuant to this section is subject to the penalties prescribed by section
33-712.

B. A broker shall record a waiver and release of claim of lien that extinguishes
the broker's lien rights on either of the following:

1. Within thirty days after satisfaction of a broker's claim of lien arising
pursuant to this article if satisfaction occurs before recording a notice of commercial
real estate broker lien.

2. Within ten days after receipt of a written request from the owner and if the
broker fails to record a notice of commercial real estate broker lien within the time
period prescribed by section 33-1072, subsection A, paragraph 3, subdivision (a) or (b).

C. A broker who is required to record a waiver and release of claim of lien by
subsection B of this section and who fails to record a waiver is subject to the penalties
prescribed by section 33-712.

D. A waiver and release of claim of lien is sufficient if it complies with other
applicable laws and if it is in substantially the following form:

Waiver and Release of Claim of Lien

I (we) hereby unconditionally waive and release any claim of lien
evidenced by the recording of a "broker's preliminary notice of intent to
lien" or "notice of commercial real estate broker lien", or both, recorded on
(date) in docket or book __________ at page _______, or instrument number
_______, records of ____________ county, Arizona.

Dated:

Signature

(Acknowledgment)