Indiana Code 32-29-1-6. Payment in full; release and discharge of mortgage
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Terms Used In Indiana Code 32-29-1-6
- 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.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 6. After a mortgagee of property whose mortgage has been recorded has received full payment from the mortgagor of the sum specified in the mortgage, the mortgagee shall, at the request of the mortgagor, enter in the record of the mortgage that the mortgage has been satisfied. An entry in the record showing that a mortgage has been satisfied operates as a complete release and discharge of the mortgage.
[Pre-2002 Recodification Citation: 32-8-11-5.]
As added by P.L.2-2002, SEC.14.