Indiana Code 32-29-10-1. “Series mortgage”
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Terms Used In Indiana Code 32-29-10-1
- Deed: The legal instrument used to transfer title in real property from one person to another.
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- original security instrument: means the original instrument or indenture executed to evidence a series mortgage. See Indiana Code 32-29-10-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 1. As used in this chapter, “series mortgage” means any mortgage, indenture of trust, or trust deed executed to create a lien on any property, whether real or personal or both, in Indiana to secure one (1) or more series of bonds, notes, or debentures. The term applies without regard to whether the total obligation to be secured is specifically defined, limited, or left open in the original security instrument.
[Pre-2002 Recodification Citation: 32-8-19-1(a).]
As added by P.L.2-2002, SEC.14.