Sec. 9. An officer or appointed agent of a title insurance company may, on behalf of a mortgagor or a person who acquired from the mortgagor a lien against all or part of the property described in a mortgage, execute a certificate of release that complies with the requirements of this chapter and record the certificate of release in the real property records of each county in which the mortgage is recorded if:

(1) a satisfaction or release of the mortgage has not been executed and recorded within sixty (60) days after the date payment in full of the loan secured by the mortgage was sent in accordance with a payoff statement furnished by the mortgagee or the mortgage servicer; and

Terms Used In Indiana Code 32-29-6-9

  • Lien: A claim against real or personal property in satisfaction of a debt.
  • mortgage: means a mortgage or mortgage lien on an interest in real property in Indiana given to secure a loan in the original principal amount of not more than one million dollars ($1,000,000). See Indiana Code 32-29-6-1
  • Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
  • mortgage servicer: means the last person to whom a mortgagor or the mortgagor's successor in interest has been instructed by a mortgagee to send payments on a loan secured by a mortgage. See Indiana Code 32-29-6-3
  • mortgagee: means :

    Indiana Code 32-29-6-2

  • Mortgagee: The person to whom property is mortgaged and who has loaned the money.
  • mortgagor: means the grantor of a mortgage. See Indiana Code 32-29-6-4
  • Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
  • payoff statement: means a statement of the amount of:

    Indiana Code 32-29-6-5

  • person: means an individual, a corporation, or any other legal entity. See Indiana Code 32-29-6-6
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • record: means to record with the county recorder. See Indiana Code 32-29-6-7
  • title insurance company: means a corporation or other business entity authorized and licensed to transact the business of insuring titles to interests in real property in Indiana under IC 27. See Indiana Code 32-29-6-8
(2) the title insurance company, an officer of the title insurance company, or an agent of the title insurance company has sent to the last known address of the mortgagee or the mortgage servicer, at least thirty (30) days before executing the certificate of release, written notice of its intention to execute and record a certificate of release in accordance with this section after the expiration of the sixty (60) day period.

[Pre-2002 Recodification Citation: 32-8-15.5-9.]

As added by P.L.2-2002, SEC.14.

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