Sec. 1. (a) A mortgage or vendor’s lien upon real estate expires ten (10) years after the last installment of the debt secured by the mortgage or vendor’s lien becomes due, as shown by the record of the mortgage or vendor’s lien unless an action to foreclose is brought not later than ten (10) years after the last installment of the debt secured by the mortgage or vendor’s lien becomes due, as shown by the record of the mortgage or vendor’s lien.

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Terms Used In Indiana Code 32-28-4-1

  • 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.
     (b) An action may not be brought in the courts of Indiana to foreclose a mortgage or enforce a vendor’s lien reserved by a person to secure the payment of an obligation secured by the mortgage or vendor’s lien if the last installment of the debt secured by the mortgage or vendor’s lien, as shown by the record of the mortgage or vendor’s lien, has been due more than ten (10) years.

[Pre-2002 Recodification Citation: 32-8-4-1.]

As added by P.L.2-2002, SEC.13. Amended by P.L.130-2012, SEC.1; P.L.18-2013, SEC.1.

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