Indiana Code 32-31-3-19. Sale of property; liability for deposits; exceptions
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Sec. 19. (a) Unless otherwise agreed, if a landlord conveys, in a good faith sale to a bona fide purchaser, property that includes a dwelling unit subject to a rental agreement, the landlord is relieved of liability under law or the rental agreement as to events occurring after written notice to the tenant of the conveyance. However, for one (1) year after giving notice of the conveyance, the landlord remains liable to the tenant for the security deposit to which the tenant is entitled under section 14 of this chapter unless:
(2) upon conveyance the seller transfers the security deposit to the purchaser.
(1) the purchaser acknowledges that the purchaser has assumed the liability of the seller by giving notice to the tenant; and
Terms Used In Indiana Code 32-31-3-19
- landlord: means :
Indiana Code 32-31-3-3
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- rental agreement: means an agreement together with any modifications, embodying the terms and conditions concerning the use and occupancy of a rental unit. See Indiana Code 32-31-3-7
- security deposit: means a deposit paid by a tenant to the landlord or the landlord's agent to be held for all or a part of the term of the rental agreement to secure performance of any obligation of the tenant under the rental agreement. See Indiana Code 32-31-3-9
- tenant: means an individual who occupies a rental unit:
Indiana Code 32-31-3-10
- Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5
(b) Unless otherwise agreed, a manager of a dwelling unit is relieved of any liability the manager might have under law or the rental agreement as to events occurring after written notice to the tenant of the termination of the manager’s management.
[Pre-2002 Recodification Citation: 32-7-5-19.]
As added by P.L.2-2002, SEC.16.