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§ 14-307. Sales of property

West's Annotated Code of MarylandReal Property

West's Annotated Code of Maryland
Real Property (Refs & Annos)
Title 14. Miscellaneous Rules (Refs & Annos)
Subtitle 3. Commercial Real Estate Broker's Lien (Refs & Annos)
MD Code, Real Property, § 14-307
§ 14-307. Sales of property
Currentness
Satisfaction of liens upon sale of property
(a) Subject to subsection (b) of this section, if all or any part of the lien property against which a broker's lien has been established under this subtitle is to be sold under a foreclosure or a judgment, execution or any other court order, all liens and encumbrances on the lien property that are subordinate to the lien with respect to which the property is sold shall be satisfied in accordance with their priority.
Distribution of sale proceeds
(b)(1) If the proceeds of the sale are insufficient to satisfy all broker's liens established under this subtitle, then all proceeds available to satisfy each broker's lien shall be stated by the court auditor as one fund.
(2) The amount to be disbursed to satisfy each broker's lien established under this subtitle shall bear the same proportion to that fund as the amount of each broker's lien bears to the total amount secured by all broker's liens, without regard to priority among the broker's liens.

Credits

Added by Acts 1994, c. 516, § 1, eff. Oct. 1, 1994.
MD Code, Real Property, § 14-307, MD REAL PROP § 14-307
Current through legislation effective through April 9, 2023, from the 2024 Regular Session of the General Assembly. Some statute sections may be more current, see credits for details.
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