Sec. 43. (a) Failure to pay an installment of principal or interest when the installment is due makes all installments of principal yet unpaid due and payable immediately, unless the unpaid installment of principal or interest is paid within the
grace period provided.
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Terms Used In Indiana Code 36-9-36-43
- Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
- 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
- Grace period: The number of days you'll have to pay your bill for purchases in full without triggering a finance charge. Source: Federal Reserve
- Lien: A claim against real or personal property in satisfaction of a debt.
(1) Enforce the lien or the unpaid assessment.
(2) Recover interest, costs, and reasonable attorney‘s fees.
(3) Have the proceeds of sale applied to the owner’s or person’s claim.
(c) If a person defaults in the payment of an installment of principal or interest, the disbursing officer shall mail a notice of the delinquency to the person in accordance with IC 36-9-37 regardless of whether a waiver has been signed. A notice mailed to the person in whose name the lands are assessed, addressed to the person within the unit, is sufficient notice. The person is not liable for attorney’s fees unless an action is actually brought on the assessment.
(d) An action to collect an unpaid assessment may not be brought until the notice required by subsection (c) has been given.
(e) An action for foreclosure must be commenced not more than five (5) years after the cause of action accrues.
As added by P.L.98-1993, SEC.7.
