Indiana Code 21-7-14-10. Loans from fund; records
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Sec. 10. (a) The auditor of state shall make a complete record of every mortgage and note executed on account of any loan from the fund, in a book to be kept in the auditor of state’s office for that purpose.
(1) enter a record of satisfaction in full on the margin of the record of the mortgage and sign the record; and
(b) On payment of any loan to the fund, the auditor of state shall:
Terms Used In Indiana Code 21-7-14-10
- fund: refers to the Indiana University permanent endowment fund in the custody of the treasurer of state. See Indiana Code 21-7-14-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
(2) enter satisfaction in full on the face of the mortgage.
(c) The mortgage, when presented by the mortgagor or any person holding title under the mortgagor, to the recorder of the county in which the land mortgaged is located, authorizes the recorder of the county to copy the entry on the record in the recorder’s office.
[Pre-2007 Higher Education Recodification Citation: 21-7-3-5.]
As added by P.L.2-2007, SEC.244.