Indiana Code 24-5.5-2-5. “Formal settlement”
Current as of: 2023 | Check for updates
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Sec. 5. “Formal settlement” means a face-to-face meeting with a homeowner to complete final documents incident to the:
(2) creation of a mortgage or equitable interest in real property;
(1) sale or transfer of real property; or
Terms Used In Indiana Code 24-5.5-2-5
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
conducted by a person who is not employed by or an affiliate of the foreclosure purchaser.
As added by P.L.209-2007, SEC.2.