Indiana Code 13-11-2-85.6. “Foreclosure”
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Sec. 85.6. “Foreclosure”, for purposes of sections 148(e)(2), 150(c), and 151(e) of this chapter, means the acquisition of a vessel or facility for purposes of IC 13-25-4-8(c), an underground storage tank or aboveground storage tank for purposes of IC 13-23-13, or a petroleum facility for purposes of IC 13-24-1 through any of the following:
(A) purchase at sale under a judgment or decree, power of sale, or nonjudicial foreclosure;
(1) If the vessel or facility, underground storage tank or aboveground storage tank, or petroleum facility was security for an extension of credit previously contracted:
Terms Used In Indiana Code 13-11-2-85.6
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Trustee: A person or institution holding and administering property in trust.
(B) a deed in lieu of foreclosure or a similar conveyance from a trustee; or
(C) repossession.
(2) Conveyance under an extension of credit previously contracted, including the termination of a lease agreement.
(3) Any other formal or informal manner by which the person acquires, for subsequent disposition, title to or possession of a vessel or facility, underground storage tank or aboveground storage tank, or petroleum facility in order to protect the security interest of the person.
As added by P.L.159-2011, SEC.3. Amended by P.L.176-2023, SEC.18.