Indiana Code 8-23-17-26. Reimbursement of conveyance expenses, penalties, and real property taxes
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Sec. 26. The acquiring agency, as soon as practicable after the date of payment of the purchase price or the date of deposit in court of funds to satisfy the award of compensation in eminent domain proceedings to acquire real property, whichever is the earlier, shall reimburse the owner, to the extent the agency head deems fair and reasonable, for expenses the owner necessarily incurred for:
(2) penalty costs for prepayment of any preexisting recorded mortgage entered into in good faith encumbering the real property; and
(1) recording fees, transfer taxes, and similar expenses incidental to conveying the real property to the agency;
Terms Used In Indiana Code 8-23-17-26
- agency: means a department, board, commission, office, or instrumentality of the state, including a state supported college or university, or of a political subdivision of the state. See Indiana Code 8-23-17-1
- agency head: means the governing body or principal executive officer of an agency, or a duly designated delegate of the governing body or principal executive officer. See Indiana Code 8-23-17-2
- Mortgage: The written agreement pledging property to a creditor as collateral for a loan.
- owner: include any individual, partnership, corporation, limited liability company, or association. See Indiana Code 8-23-17-9
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
(3) the pro rata portion of real property taxes paid that are allocable to a period subsequent to the date of vesting title in the agency or the effective date of possession of the real property by the agency, whichever is the earlier.
As added by P.L.18-1990, SEC.226.