2015 Indiana Code TITLE 32. PROPERTY ARTICLE 28. LIENS ON REAL PROPERTY CHAPTER 4. FORECLOSURE AND EXPIRATION OF A MORTGAGE OR VENDOR'S LIEN
Download as PDF
IC 32-28-4
Chapter 4. Foreclosure and Expiration of a Mortgage or
Vendor's Lien
IC 32-28-4-1
Limitation of actions
Sec. 1. (a) A mortgage or vendor's lien upon real estate expires ten
(10) years after the last installment of the debt secured by the
mortgage or vendor's lien becomes due, as shown by the record of the
mortgage or vendor's lien unless an action to foreclose is brought not
later than ten (10) years after the last installment of the debt secured
by the mortgage or vendor's lien becomes due, as shown by the
record of the mortgage or vendor's lien.
(b) An action may not be brought in the courts of Indiana to
foreclose a mortgage or enforce a vendor's lien reserved by a person
to secure the payment of an obligation secured by the mortgage or
vendor's lien if the last installment of the debt secured by the
mortgage or vendor's lien, as shown by the record of the mortgage or
vendor's lien, has been due more than ten (10) years.
As added by P.L.2-2002, SEC.13. Amended by P.L.130-2012, SEC.1;
P.L.18-2013, SEC.1.
IC 32-28-4-2
Record silent as to due date of debt; date of execution omitted;
expiration of lien; certification of satisfaction
Sec. 2. (a) Except as provided in section 3 of this chapter, if the
record of a mortgage or vendor's lien described in section 1 of this
chapter does not show when the debt or the last installment of the
debt secured by the mortgage or vendor's lien becomes due, the
following apply:
(1) If the mortgage or vendor's lien was created before July 1,
2012, the mortgage or vendor's lien expires twenty (20) years
after the date on which the mortgage or vendor's lien was
executed unless an action to foreclose is brought not later than
twenty (20) years after the date on which the mortgage or
vendor's lien was executed.
(2) If the mortgage or vendor's lien was created after June 30,
2012, the mortgage or vendor's lien expires ten (10) years after
the date on which the mortgage or vendor's lien was executed
unless an action to foreclose is brought not later than ten (10)
years after the date on which the mortgage or vendor's lien was
executed.
(b) If:
(1) the record of a mortgage or vendor's lien described in section
1 of this chapter does not show when the debt or the last
installment of the debt secured by the mortgage or vendor's lien
becomes due;
(2) the date of execution has been omitted in the mortgage or
Indiana Code 2015
vendor's lien; and
(3) the mortgage or vendor's lien was created before July 1,
2012;
the mortgage or vendor's lien expires twenty (20) years after the date
on which the mortgage or vendor's lien was recorded unless an action
to foreclose is brought not later than twenty (20) years after the date
on which the mortgage or vendor's lien was recorded.
(c) If:
(1) the record of a mortgage or vendor's lien described in section
1 of this chapter does not show when the debt or the last
installment of the debt secured by the mortgage or vendor's lien
becomes due;
(2) the date of execution has been omitted in the mortgage or
vendor's lien; and
(3) the mortgage or vendor's lien was created after June 30,
2012;
the mortgage or vendor's lien expires ten (10) years after the date on
which the mortgage or vendor's lien was recorded unless an action to
foreclose is brought not later than ten (10) years after the date on
which the mortgage or vendor's lien was recorded.
(d) Upon the request of the owner of record of real estate
encumbered by a mortgage or vendor's lien that has expired under
this section, the recorder of the county in which the real estate is
situated shall certify on the record that the mortgage or vendor's lien
is fully paid and satisfied by lapse of time, and the real estate is
released from the mortgage or vendor's lien.
As added by P.L.2-2002, SEC.13. Amended by P.L.130-2012, SEC.2;
P.L.18-2013, SEC.2.
IC 32-28-4-3
Record silent as to when debt due; affidavit stating when debt is
due; time for filing; effect of filing on lien duration and limitation
of actions
Sec. 3. (a) If the record of a mortgage or vendor's lien to which
this chapter applies does not show the time when the debt or the last
installment of the debt secured by the mortgage or vendor's lien
becomes due:
(1) the original mortgagee;
(2) the owner of the mortgage; or
(3) the owner of a vendor's lien;
may file an affidavit with the recorder of the county where the
mortgage or vendor's lien is recorded, stating when the debt becomes
due.
(b) An affidavit must be filed under this section not later than the
following:
(1) If the mortgage or vendor's lien was created before July 1,
2012, not later than twenty (20) years after:
(A) the date on which the mortgage or vendor's lien was
executed; or
Indiana Code 2015
(B) if the mortgage or vendor's lien does not contain the date
on which the mortgage or vendor's lien was executed, the
date on which the mortgage or vendor's lien was recorded.
(2) If the mortgage or vendor's lien was created after June 30,
2012, ten (10) years after the date of execution of the mortgage
or vendor's lien, or, if the mortgage or vendor's lien contains no
date of execution, not later than ten (10) years from the date the
mortgage or vendor's lien was recorded.
Upon the filing of the affidavit, the recorder shall note in the record
of the mortgage or vendor's lien that an affidavit has been filed,
showing the location where the affidavit is recorded.
(c) The filing of an affidavit under subsection (a) has the same
effect with respect to the duration of the mortgage or vendor's lien
described in the affidavit and with respect to the time within which
an action may be brought to foreclose the mortgage or vendor's lien
as though the time of maturity of the debt or the last installment of
the debt secured by the mortgage or vendor's lien had been stated in
the mortgage or vendor's lien when recorded. The affidavit is prima
facie evidence of the truth of the averments contained in the affidavit.
(d) A mortgage or vendor's lien on the real estate described in the
affidavit expires as follows:
(1) If the mortgage or vendor's lien was created before July 1,
2012, twenty (20) years after the date on which the debt or the
last installment of the debt secured by the mortgage or vendor's
lien becomes due, as shown by the affidavit.
(2) If the mortgage or vendor's lien was created after June 30,
2012, ten (10) years after the time when the debt or the last
installment of the debt secured by the mortgage or vendor's lien
becomes due, as shown by the affidavit.
Upon the expiration of a mortgage or vendor's lien as described in
this section and at the request of the real estate owner, the recorder of
the county in which the affidavit is recorded shall certify on the
record of the mortgage or vendor's lien that the mortgage or vendor's
lien is fully paid and satisfied by lapse of time and that the real estate
is released from the mortgage or vendor's lien.
(e) The recorder shall charge a fee for filing the affidavit in
accordance with the fee schedule established in IC 36-2-7-10.
As added by P.L.2-2002, SEC.13. Amended by P.L.130-2012, SEC.3;
P.L.18-2013, SEC.3.
Indiana Code 2015
Disclaimer: These codes may not be the most recent version. Indiana may have more current or accurate information. We make no warranties or guarantees about the accuracy, completeness, or adequacy of the information contained on this site or the information linked to on the state site. Please check official sources.
