Indiana Code 32-29-10-5. Expiration of lien; limitation of actions
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Sec. 5. Notwithstanding any other Indiana statute:
(2) an action may not be commenced in an Indiana court to enforce or to foreclose the lien of a series mortgage more than ten (10) years after the final maturity date of the series mortgage.
(1) the lien of a series mortgage expires ten (10) years after the final maturity date of the series mortgage; and
Terms Used In Indiana Code 32-29-10-5
- final maturity date of the series mortgage: means the maturity date of the last to mature of the bonds, notes, or debentures secured by a series mortgage, as the maturity date is shown of record in the original security instrument or in a supplemental indenture subsequently recorded. See Indiana Code 32-29-10-2
- 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.
- 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. See Indiana Code 32-29-10-1
- Statute: A law passed by a legislature.
[Pre-2002 Recodification Citation: 32-8-19-2.]
As added by P.L.2-2002, SEC.14.