Indiana Code 32-30-10-3. Mortgagee’s right to foreclose if mortgagor defaults; venue
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Sec. 3. (a) Subject to IC 32-30-10.5 with respect to mortgage transactions described in IC 32-30-10.5-5, if a mortgagor defaults in the performance of any condition contained in a mortgage, the mortgagee or the mortgagee’s assigns may proceed in the circuit court, superior court, or probate court of the county where the real estate is located to foreclose the equity of redemption contained in the mortgage.
(b) If the real estate is located in more than one (1) county, the circuit court, superior court, or probate court of any county in which the real estate is located has jurisdiction for an action for the foreclosure of the equity of redemption contained in the mortgage.
[Pre-2002 Recodification Citation: 32-15-6-1.]
As added by P.L.2-2002, SEC.15. Amended by P.L.105-2009, SEC.18; P.L.84-2016, SEC.144.
Terms Used In Indiana Code 32-30-10-3
- 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
- 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.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Probate: Proving a will