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§ 1060. Escrow of disputed amounts

Purdon's Pennsylvania Statutes and Consolidated StatutesTitle 68 P.S. Real and Personal Property

Purdon's Pennsylvania Statutes and Consolidated Statutes
Title 68 P.S. Real and Personal Property (Refs & Annos)
Chapter 24. Commercial Real Estate Broker Lien Act
68 P.S. § 1060
§ 1060. Escrow of disputed amounts
Except as otherwise provided in this section, whenever a claim for lien has been filed with the prothonotary that would prevent the closing of a transaction or conveyance, an escrow account shall be established from the proceeds from the transaction or conveyance in an amount that is sufficient to release the claim for lien. The requirement to establish an escrow account shall not be cause for any party to refuse to close the transaction. These moneys shall be held in escrow until the parties’ rights to the escrowed moneys have been determined by written agreement of the parties, a court of law or other process as may be agreed to by the parties. Upon funds in the amount of the claimed lien being escrowed, a release of the claim for lien shall be provided by the broker who is claiming the lien. The parties are not required to follow this escrow procedure if alternative procedures which would allow the transaction to close are available and are acceptable to the broker in the transaction.

Credits

1998, March 20, P.L. 197, No. 34, § 10, effective in 60 days.
68 P.S. § 1060, PA ST 68 P.S. § 1060
Current through Act 10 of the 2024 Regular Session. Some statute sections may be more current, see credits for details.
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