Indiana Code 4-11-1-4. Mortgage sales; state bidding in property; surplus sale proceeds
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Terms Used In Indiana Code 4-11-1-4
- Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- Mortgagor: The person who pledges property to a creditor as collateral for a loan and who receives the money.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
Sec. 4. In all cases where the mortgagor is considered of doubtful solvency, and the property, when offered for sale, will not bring the amount due on the mortgage, the state may bid in the property for what the same may be considered worth, and hold the mortgagor liable upon the mortgagor’s bond for the deficiency. If the state subsequently sells any land that was bid in for more than the amount of principal, interest, damages, and costs due from the mortgagor or mortgagors, the mortgagor or mortgagors shall be entitled to the surplus.
Formerly: Acts 1855, c.54, s.4. As amended by P.L.215-2016, SEC.70.