Indiana Code 32-28-12.5-14. Alternative dispute resolution; forum; judgment; stay of foreclosure proceeding
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Terms Used In Indiana Code 32-28-12.5-14
- broker company: has the meaning set forth in Indiana Code 32-28-12.5-0.5
- fees or commissions: means compensation owed to a broker company for performing services requiring a license under Indiana Code 32-28-12.5-2
- 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
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- Lien: A claim against real or personal property in satisfaction of a debt.
Sec. 14. If the broker company and the party from whom fees or commissions are claimed under this chapter agree to alternative dispute resolution, any claim under this chapter must be heard and resolved in the forum agreed to by the parties. The court before which a lien foreclosure proceeding is brought under this chapter retains jurisdiction to enter judgment on the award or other result made or reached under alternative dispute resolution proceedings with respect to all parties to the foreclosure. The broker company’s notice of lien remains of record and the foreclosure proceeding shall be stayed during the pendency of the alternative dispute resolution proceedings.
As added by P.L.78-2006, SEC.1. Amended by P.L.127-2012, SEC.60; P.L.116-2015, SEC.33.