Indiana Code 26-2-2-1. Mortgagee’s power of sale proscribed; judicial sale
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Terms Used In Indiana Code 26-2-2-1
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagee: The person to whom property is mortgaged and who has loaned the money.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 1. No mortgage of household goods which may be executed after March 8, 1897, shall authorize the mortgagee to sell such mortgaged property, and any provision in any such mortgage giving the mortgagee the power of sale shall be void. But every sale of household goods to satisfy a mortgage thereon shall be under a judicial proceeding, in which such mortgage shall be foreclosed in the circuit or superior court.
Formerly: Acts 1897, c.176, s.1. As amended by P.L.152-1986, SEC.301.