Sec. 5. Each personal surety shall execute and file with the court an
affidavit that he owns
real property, subject to execution, of a value over and above his
liabilities, equal to the amount of the bond, and shall include in such affidavit the total amount of his obligations as surety on other official or statutory bonds.
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Terms Used In Indiana Code 29-1-11-5
- Affidavit: A written statement of facts confirmed by the oath of the party making it, before a notary or officer having authority to administer oaths.
- Liabilities: The aggregate of all debts and other legal obligations of a particular person or legal entity.
- Population: has the meaning set forth in Indiana Code 1-1-4-5
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
(a) An adequate description of the real property within this state offered by him as security.
(b) The total amount of the liens, unpaid taxes, other bonds executed and other encumbrances on the property so offered by him as security.
(c) The assessed and market value of such property and the value of the surety’s equity over and above all encumbrances, liens, and unpaid taxes.
(d) That the equity in such property so offered is equal to the amount of the bond.
The only provision of this section which shall apply in counties in this state having a population of less than fifty thousand (50,000) according to the last preceding United States census, is the provision that each personal surety shall execute and file with the court an affidavit that he owns real property, subject to execution, of a value over and above his liabilities, including contingent liabilities equal to the amount of the bond.
Formerly: Acts 1953, c.112, s.1105.
