Sec. 9. (a) A sheriff or an agent of the sheriff making a foreclosure sale under this chapter may not directly or indirectly purchase property sold by the sheriff or the sheriff’s agent. If the purchaser of property sold on foreclosure fails to immediately pay the purchase money, the sheriff shall resell the property either on the same day without advertisement or on a subsequent day after again advertising in accordance with this chapter, as the judgment creditor directs. If the amount bid at the second sale does not equal the amount bid at the first sale, including the costs of the second sale, the first purchaser shall be liable for:

(1) the deficiency;

Terms Used In Indiana Code 32-29-7-9

  • Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
  • Foreclosure: A legal process in which property that is collateral or security for a loan may be sold to help repay the loan when the loan is in default. Source: OCC
  • Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
  • Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
  • Property: includes personal and real property. See Indiana Code 1-1-4-5
  • Sheriff: means the sheriff of the county or another person authorized to perform sheriff's duties. See Indiana Code 1-1-4-5
(2) damages not exceeding ten percent (10%); and

(3) interest and costs;

all of which may be recovered in a court of proper jurisdiction by the sheriff.

     (b) If the property is sold, the sheriff shall pay the proceeds as provided in IC 32-30-10-14. Every sale made under this chapter is made without right of redemption.

[Pre-2002 Recodification Citation: 32-8-16-5.]

As added by P.L.2-2002, SEC.14. Amended by P.L.45-2016, SEC.8.

  Previous section
Next section  
 Chapter 7 Contents