Sec. 21. A company described in section 3 of this chapter that issues a title insurance policy shall perform or cause to be performed a title search for the real estate in conjunction with a mortgage secured by the real estate unless the mortgage meets all of the following requirements:

(1) The principal amount of the mortgage is not more than fifty thousand dollars ($50,000).

Terms Used In Indiana Code 27-7-3-21

  • company: shall mean and include any corporation, domestic or foreign, to which this chapter is applicable. See Indiana Code 27-7-3-2
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • title insurance: means a contract of insurance against loss or damage on account of encumbrances upon or defects in the title to real estate. See Indiana Code 27-7-3-2
  • title policy: means a policy issued by a company that:

    Indiana Code 27-7-3-2

  • title search: means a search and examination of the public records sufficient to determine:

    Indiana Code 27-7-3-2

(2) The mortgage is subordinate to a prior mortgage where a title search was conducted and a title policy was issued.

(3) The mortgage is not a reverse mortgage.

As added by P.L.68-2002, SEC.2.

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