Indiana Code 32-21-4-2. Assignment, mortgage, or pledge of rents and profits as security; recording; immediate perfection
(b) An assignment, a mortgage, or a pledge of rents and profits arising from real estate that is intended as security, whether contained in a separate instrument or otherwise, must be recorded under section 1 of this chapter.
Terms Used In Indiana Code 32-21-4-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
(1) regardless of whether the assignment, mortgage, or pledge is operative:
(A) immediately;
(B) upon the occurrence of a default; or
(C) under any other circumstances; and
(2) without the holder of the security interest taking any further action.
(d) This section does not apply to security interests in:
(1) farm products;
(2) accounts or general intangibles arising from or relating to the sale of farm products by a farmer;
(3) timber to be cut; or
(4) minerals or the like (including oil and gas);
that may be perfected under IC 26-1-9.1.
[Pre-2002 Recodification Citation: 32-1-2-16.3.]
As added by P.L.2-2002, SEC.6.