Indiana Code 32-30-10-5. Judgment of foreclosure; personal judgment; sale of property
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Sec. 5. In rendering judgment of foreclosure, the courts shall:
(2) order the mortgaged premises, or as much of the mortgaged premises as may be necessary to satisfy the mortgage and court costs, to be sold first before the sale of other property of the defendant.
(1) give personal judgment against any party to the suit liable upon any agreement for the payment of any sum of money secured by the mortgage; and
Terms Used In Indiana Code 32-30-10-5
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
The judgment is satisfied by the payment of the mortgage debt, with interest and costs, at any time before sale.
[Pre-2002 Recodification Citation: 32-15-6-3.]
As added by P.L.2-2002, SEC.15.