Sec. 1. (a) This section applies to a person, a firm, a limited liability company, a
corporation, a copartnership, an association, an administrator, an
executor, a
guardian, a
trustee, or another person who is the owner, holder, or custodian of any
mortgage, mechanic’s
lien,
judgment, or other lien recorded in Indiana.
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Terms Used In Indiana Code 32-28-1-1
- Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
- Executor: A male person named in a will to carry out the decedent
- Guardian: A person legally empowered and charged with the duty of taking care of and managing the property of another person who because of age, intellect, or health, is incapable of managing his (her) own affairs.
- Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
- Lien: A claim against real or personal property in satisfaction of a debt.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Trustee: A person or institution holding and administering property in trust.
(1) release;
(2) discharge; and
(3) satisfy of record;
the mortgage, mechanic’s lien, judgment, or other lien.
(c) If the release, discharge, or satisfaction is a release, discharge, or satisfaction in part, the instrument must:
(1) state on its face that the instrument is a:
(A) partial release;
(B) partial discharge; or
(C) partial satisfaction; and
(2) describe what portion of the mortgage, mechanic’s lien, judgment, or other lien is released, discharged, or satisfied.
[Pre-2002 Recodification Citation: 32-8-1-1.]
As added by P.L.2-2002, SEC.13.
