Indiana Code 36-9-36-61. Disposition of foreclosure proceeds contrary to chapter
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Sec. 61. (a) A person who disposes of the proceeds of foreclosure litigation in a way other than as provided by this chapter is considered to be a receiver for those entitled to the proceeds.
(b) In such instances the statute of limitations does not apply.
As added by P.L.98-1993, SEC.7.
Terms Used In Indiana Code 36-9-36-61
- 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
- Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
- Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.