Bill Text: IN HB1079 | 2013 | Regular Session | Enrolled
Bill Title: Mortgages and vendor's liens on real property.
Spectrum: Bipartisan Bill
Status: (Passed) 2013-05-13 - Public Law 18 [HB1079 Detail]
Download: Indiana-2013-HB1079-Enrolled.html
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AN ACT to amend the Indiana Code concerning property.
(b) An action may not be brought
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 is was executed
unless an action to foreclose is brought or maintained 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
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.
(b) (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; and
(2) the date of execution has been omitted in a 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 is was recorded unless an action
to foreclose is brought or maintained not later than ten (10) years after
the date on which the mortgage or vendor's lien was recorded.
(c) (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.
(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
(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.
in the affidavit.
(d) The lien of a 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.
(c) (e) The recorder shall charge a fee for filing the affidavit in
accordance with the fee schedule established in IC 36-2-7-10.
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