Sec. 5. (a) All sums assessed by a homeowners association but unpaid for the share of the common expenses chargeable to an owner of real estate in a subdivision constitute a homeowners association lien on the real estate effective as provided in section 6 of this chapter. (b) The priority of a homeowners association lien is established on the date the notice of the lien is recorded under section 6 of this chapter. (c) A notice of lien may not be recorded under subsection (a) unless the notice of lien:
(1) contains: (A) the name and address of the homeowners association; (B) the address and legal description of the property that is subject to the lien; (C) the name of the owner of the property that is subject to the lien; and (D) the amount of the lien; and (2) is: (A) signed by an officer of the homeowners association; and (B) acknowledged as in the case of deeds. As added by P.L.135-2007, SEC.3.