Indiana Code 29-1-17-9. Specific devise; liens
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Sec. 9. (a) As used in this section, “lien” refers to a mortgage, pledge, security interest, or other lien.
(c) For purposes of this section, a general directive in a will to pay debts does not imply an intent that a devise of property subject to a lien be distributed free from the lien.
(b) When any real or personal property subject to a lien is specifically devised, the devisee shall take the devised property subject to the lien unless the will provides expressly or by necessary implication that the lien be otherwise paid. If the holder of a lien receives payment on a claim based upon the obligation secured by the lien, the devise which was subject to the lien shall be charged with the reimbursement to the estate of the amount of the payment for the benefit of the distributees entitled to the devise, unless the will provides expressly or by necessary implication that the payment be charged against the residue of the estate.
Terms Used In Indiana Code 29-1-17-9
- Devise: To gift property by will.
- 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.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Formerly: Acts 1953, c.112, s.1709. As amended by P.L.51-2014, SEC.6.