Indiana Code 32-29-1-2. Construction of mortgage
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Terms Used In Indiana Code 32-29-1-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
Sec. 2. A mortgage may not be construed to imply a covenant for the payment of the sum intended to be secured by the mortgage so as to enable the mortgagee or the mortgagee’s assignees or representatives to maintain an action for the recovery of this sum. If an express covenant is not contained in the mortgage for the payment and a bond or other separate instrument to secure the payment has not been given, the remedy of the mortgagee is confined to the real property described in the mortgage.
[Pre-2002 Recodification Citation: 32-8-11-2.]
As added by P.L.2-2002, SEC.14.