To amend section 3929.18 of the Revised Code to limit the duration of a mutual insurance company's lien on property it insures to five years from the date of filing.

Section 1. That section 3929.18 of the Revised Code be amended to read as follows:

Sec. 3929.18.  Any building insured by a mutual company must be pledged to such company, together with the right and title of the insured in the land upon which it is situated, to the amount of the premium note or contingent liability, and the company shall have a lien on such building and land to the amount of such note or liability. Such lien shall not take effect until the company files, with the county recorder of the county in which the property insured is located, a certificate stating the date, number, and amount of the premium note or contingent liability, and such a description of the property insured as will enable a person readily to identify it. The lien is valid for a period of five years from the date of filing, unless sooner released or satisfied in the same manner provided by law for the release and satisfaction of mortgages on real property or discharged by the final judgment or order of a court of competent jurisdiction.

The recorder must record and index such certificate in his the recorder's book of liens, for which he the recorder shall receive a fee as provided in section 317.32 of the Revised Code.

Section 2. That existing section 3929.18 of the Revised Code is hereby repealed.