Sec. 61. (a) A person who disposes of the proceeds of foreclosure litigation in a way other than as provided by this chapter is considered to be a receiver for those entitled to the proceeds.

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Terms Used In Indiana Code 36-9-36-61

  • 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
  • Litigation: A case, controversy, or lawsuit. Participants (plaintiffs and defendants) in lawsuits are called litigants.
  • Statute of limitations: A law that sets the time within which parties must take action to enforce their rights.
     (b) In such instances the statute of limitations does not apply.

As added by P.L.98-1993, SEC.7.

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