Indiana Code 32-31-2-2. Failure to record lease; effect
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Sec. 2. (a) This section does not apply to any lease that is entered into by the Indiana department of transportation under IC 8-23-2.
(b) If a lease for a period longer than three (3) years is not recorded within forty-five (45) days after its execution, the lease is void against any subsequent purchaser, lessee, or mortgagee who acquires the real estate in good faith and for valuable consideration.
[Pre-2002 Recodification Citation: 32-7-2-1 part.]
As added by P.L.2-2002, SEC.16. Amended by P.L.14-2019, SEC.6.
Terms Used In Indiana Code 32-31-2-2
- Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). Source: OCC
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.