The Arizona Revised Statutes have been updated to include the revised sections from the 53rd Legislature, 2nd Regular Session. Please note that the next update of this compilation will not take place until after the conclusion of the 54th Legislature, 1st Regular Session, which convenes in January 2019.
This online version of the Arizona Revised Statutes is primarily maintained for legislative drafting purposes and reflects the version of law that is effective on January 1st of the year following the most recent legislative session. The official version of the Arizona Revised Statutes is published by Thomson Reuters.
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.