Sec. 3. (a) Subject to
IC 32-30-10.5 with respect to
mortgage transactions described in
IC 32-30-10.5-5, if a
mortgagor defaults in the performance of any condition contained in a mortgage, the
mortgagee or the mortgagee’s assigns may proceed in the circuit court, superior court, or
probate court of the county where the real estate is located to foreclose the equity of redemption contained in the mortgage.
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Terms Used In Indiana Code 32-30-10-3
- 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
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
- 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.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Probate: Proving a will
[Pre-2002 Recodification Citation: 32-15-6-1.]
As added by P.L.2-2002, SEC.15. Amended by P.L.105-2009, SEC.18; P.L.84-2016, SEC.144.
