Sec. 17. Valid recorded liens, mortgages, and other encumbrances that are recorded before a principal broker’s notice of lien under this chapter have priority over a principal broker’s lien under this chapter. Prior recorded liens, mortgages, and encumbrances that have priority under this section include:
(1) a valid mechanic’s lien that is recorded after a principal broker’s notice of lien under this chapter, but that relates back to a date before the recording date of the principal broker’s notice of lien; and
Need help reviewing a real estate contract? Have it reviewed by a lawyer, get answers to your questions and move forward with confidence. Connect with a lawyer now
Terms Used In Indiana Code 32-28-12.5-17
Lien: A claim against real or personal property in satisfaction of a debt.
Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) Source: OCC
(2) prior recorded liens securing revolving credit and future advances of construction loans.
