Sec. 5. (a) As used in this chapter, “mortgage” means:

(1) a loan; or

contract signature

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Terms Used In Indiana Code 32-30-10.5-5

  • Contract: A legal written agreement that becomes binding when signed.
  • Deed: The legal instrument used to transfer title in real property from one person to another.
  • Lien: A claim against real or personal property in satisfaction of a debt.
(2) a consumer credit sale;

that is or will be used by the debtor primarily for personal, family, or household purposes and that is secured by a mortgage (or another equivalent consensual security interest) that constitutes a first lien on a dwelling or on residential real estate upon which a dwelling is constructed or intended to be constructed.

     (b) The term does not include a land contract (as defined in IC 24-4.4-1-301(36)) or similar agreement in which the debtor does not possess a deed.

As added by P.L.105-2009, SEC.20. Amended by P.L.89-2011, SEC.76; P.L.170-2011, SEC.7; P.L.6-2012, SEC.211.

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