Indiana Code 36-9-23-15. Acquisition of property subject to lien or other encumbrance
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Terms Used In Indiana Code 36-9-23-15
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 15. Property upon which any lien or other encumbrance exists may not be acquired under this chapter unless, at the time the property is acquired, a sufficient sum of money is deposited in trust to pay and redeem the lien or encumbrance in full.
[Pre-Local Government Recodification Citation: 19-2-5-9.]
As added by Acts 1981, P.L.309, SEC.96.