Indiana Code 24-5-23.6-7. “Mortgage”
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Sec. 7. (a) As used in this chapter, “mortgage” means a sale or loan, or the refinancing or consolidation of a sale or loan, in which a first mortgage deed of (or another equivalent consensual security interest) that constitutes a first lien, is created or retained against land that is located in Indiana and upon which there is a dwelling that is or will be used by the debtor primarily for personal, family, or household purposes.
(1) A home loan subject to IC 24-9.
(b) The term includes any of the following that meets the conditions set forth in subsection (a):
Terms Used In Indiana Code 24-5-23.6-7
- Contract: A legal written agreement that becomes binding when signed.
- Deed: The legal instrument used to transfer title in real property from one person to another.
- dwelling: means a residential structure that is located in Indiana and that contains one (1) to four (4) units, regardless of whether the structure is permanently attached to real property. See Indiana Code 24-5-23.6-4
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- mortgage: means a sale or loan, or the refinancing or consolidation of a sale or loan, in which a first mortgage deed of (or another equivalent consensual security interest) that constitutes a first lien, is created or retained against land that is located in Indiana and upon which there is a dwelling that is or will be used by the debtor primarily for personal, family, or household purposes. See Indiana Code 24-5-23.6-7
(2) A loan described in IC 24-9-1-1, to the extent allowed under federal law.
(3) A first lien mortgage transaction (as defined in IC 24-4.4-1-301) subject to IC 24-4.4.
(c) The term does not include a land contract (as defined in IC 24-4.4-1-301(36)).
As added by P.L.115-2010, SEC.20. Amended by P.L.89-2011, SEC.22.