Indiana Code 32-30-10-11. Payment of principal, interest, and costs before final judgment; dismissal; payment after final judgment; stay
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Sec. 11. (a) If:
(2) any interest or installment of the principal is due, but no other installments are due; and
(1) a complaint is filed for the foreclosure of a mortgage;
Terms Used In Indiana Code 32-30-10-11
- Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
- Defendant: In a civil suit, the person complained against; in a criminal case, the person accused of the crime.
- 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
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
(3) the defendant pays the court the principal and interest due, with costs, at any time before final judgment;
the complaint must be dismissed.
(b) If the defendant pays the court the principal and interest due after the final judgment, the proceedings on the final judgment must be stayed. However, the stay may be removed upon a subsequent default in the payment of any installment of the principal or interest after the payment is due.
(c) In the final judgment, the court shall direct at what time and upon what default any subsequent execution shall issue.
[Pre-2002 Recodification Citation: 32-15-6-8.]
As added by P.L.2-2002, SEC.15.