(a) If a notice of completion is not recorded by the owner as provided in AS 34.35.071, a claim of lien shall be recorded not later than 120 days after the claimant

1. (1) completes the construction contract; or
2. (2) ceases to furnish labor, material, services, or equipment for the construction, alteration, or repair of the owner's property.

(b) If a notice of completion is recorded by the owner as provided in AS 34.35.071,

1. (1) the following shall record a claim of lien or a notice of right to lien not later than 15 days after the notice of completion is recorded:

   1. (A) a claimant who has received advance notification of the date that the notice of completion is recorded as provided in AS 34.35.071(a)(2);
   2. (B) a claimant who has not given a notice of right to lien as permitted in AS 34.35.064;

2. (2) the following shall record a claim of lien not later than the time specified in (a) of this section:

   1. (A) a claimant who records a notice of right to lien before or within the period specified in (1) of this subsection;
   2. (B) a claimant who has given a notice of right to lien but who has not received advance notice of the date that the notice of completion is recorded by the owner as provided in AS 34.35.071(a)(2).