Indiana Code 5-20-2-2. Definitions
(1) “Bonds” means the revenue bonds authorized to be issued under this chapter and includes notes and any and all other limited obligations of a county or municipality payable as provided in this chapter.
Terms Used In Indiana Code 5-20-2-2
- Authority: refers to the Indiana housing and community development authority created by IC 5-20-1-3. See Indiana Code 5-20-2-2
- Bonds: means the revenue bonds authorized to be issued under this chapter and includes notes and any and all other limited obligations of a county or municipality payable as provided in this chapter. See Indiana Code 5-20-2-2
- Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
- Home: means real property and improvements thereon constructed for human habitation, located within the county or municipality, consisting of not more than four (4) units, and owned by one (1) mortgagor who occupies or intends to occupy one (1) of such units. See Indiana Code 5-20-2-2
- Home mortgage: means an interest bearing loan for not to exceed thirty (30) years to a mortgagor for the purpose of purchasing or improving a home, evidenced by a promissory note and secured by a mortgage on this home, but shall not include a loan primarily for the purpose of refinancing an existing loan. See Indiana Code 5-20-2-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Mortgagor: means an individual, or two (2) or more individuals acting together, who have received a home mortgage under this chapter. See Indiana Code 5-20-2-2
- Municipality: means a city or town. See Indiana Code 5-20-2-2
(3) “Governing body” of a county, city, or town has the meaning set forth in IC 36-1-2-9.
(4) “Home” means real property and improvements thereon constructed for human habitation, located within the county or municipality, consisting of not more than four (4) units, and owned by one (1) mortgagor who occupies or intends to occupy one (1) of such units.
(5) “Home mortgage” means an interest bearing loan for not to exceed thirty (30) years to a mortgagor for the purpose of purchasing or improving a home, evidenced by a promissory note and secured by a mortgage on this home, but shall not include a loan primarily for the purpose of refinancing an existing loan.
(6) “Lending institution” means any bank, trust company, savings bank, national banking association, savings association, mortgage banker, or other financing institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages on single family residential housing or multifamily residential housing, which institution, for a county, is located in that county, and for a municipality is located in the county in which the municipality is located, or any holding company for any of the foregoing.
(7) “Mortgagor” means an individual, or two (2) or more individuals acting together, who have received a home mortgage under this chapter.
(8) “Recording officer” means the clerk or clerk-treasurer of a county or municipality.
(9) “Municipality” means a city or town.
(10) “Authority” refers to the Indiana housing and community development authority created by IC 5-20-1-3.
As added by Acts 1979, P.L.47, SEC.1. Amended by Acts 1981, P.L.62, SEC.1; P.L.8-1989, SEC.23; P.L.79-1998, SEC.11; P.L.181-2006, SEC.21.