Indiana Code 21-7-14-12. Loans from fund; nonpayment; suit for collection
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Sec. 12. Whenever:
(2) the mortgaged premises are forfeited to the state for nonpayment of the amount due or are purchased for the state by the auditor of state for the benefit of the fund; and
(1) the auditor of state has made loans from the fund that were secured by a mortgage upon real property;
Terms Used In Indiana Code 21-7-14-12
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- fund: refers to the Indiana University permanent endowment fund in the custody of the treasurer of state. See Indiana Code 21-7-14-2
- 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
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
(3) the mortgaged premises when sold fail to sell for a sum sufficient to satisfy the principal and interest of the loan and damages;
the auditor of state shall bring suit on the note executed by the mortgagor for the deficiency, for which the maker is liable. If judgment is rendered on the suit, an appraisement of property is not allowed on the execution issued on the judgment.
[Pre-2007 Higher Education Recodification Citation: 21-7-2-1 part.]
As added by P.L.2-2007, SEC.244.