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Yes, a RI Lis Pendens can lapse in accordance with RI Gen. Law § 34-28-10 Complaint to enforce lien – Lis pendens notice, which states in pertinent part:
(a) Any and all liens under the provisions of § 34-28-1, 34-28-2, 34-28-3, or 34-28-7 regardless of the mailing and filing of a notice of intention under § 34-28-4 or any exemption therefrom, shall be void and wholly lost to any person claiming a lien under those sections, unless the person shall file a complaint to enforce the lien, described in § 34-28-13, in the superior court for the county in which is situated the land upon which the building, canal, turnpike, railroad, or other improvement is being or has been constructed, erected, altered, or repaired, and unless such person shall also file in the records of land evidence in the city or town in which such land is located a notice of lis pendens, described in § 34-28-11, the complaint to be filed on the same day as the notice of lis pendens, or within seven (7) days thereafter, and both the complaint and the notice of lis pendens to be filed within forty (40) days of the date of the recording of the notice of intention provided in § 34-28-4 and § 34-28-7. The lien of any person under § 34-28-1, 34-28-2, 34-28-3 or 34-28-7 who fails to file a complaint and notice of lis pendens under this section within the required forty (40) day period, shall be void and wholly lost as to work done or materials furnished
prior to the two hundred (200) day period, regardless of the fact that the person may thereafter do other work or furnish other materials in the course of the same construction
, erection, alteration, or reparation.
So the party who filed the notice of lis pendens has to file suit on the lis pendens claim within 40 days of filing the notice of lis pendens or they lose the rights.