Terms Used In Indiana Code > Title 32 > Article 28 > Chapter 12.5 - Commercial Real Estate Broker Liens

• Answer: The formal written statement by a defendant responding to a civil complaint and setting forth the grounds for defense.
• Attorney: includes a counselor or other person authorized to appear and represent a party in an action or special proceeding. See Indiana Code 1-1-4-5
• broker company: has the meaning set forth in Indiana Code 32-28-12.5-0.5
• commercial real estate: means any real estate other than:

  Indiana Code 32-28-12.5-1

• Complaint: A written statement by the plaintiff stating the wrongs allegedly committed by the defendant.
• Contract: A legal written agreement that becomes binding when signed.
• Damages: Money paid by defendants to successful plaintiffs in civil cases to compensate the plaintiffs for their injuries.
• Deed: The legal instrument used to transfer title in real property from one person to another.
• Escrow: Money given to a third party to be held for payment until certain conditions are met.
• fees or commissions: means compensation owed to a broker company for performing services requiring a license under Indiana Code 32-28-12.5-2
• 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}
• in writing: include printing, lithographing, or other mode of representing words and letters. See Indiana Code 1-1-4-5
• Judgment: means all final orders, decrees, and determinations in an action and all orders upon which executions may issue. See Indiana Code 1-1-4-5
• 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.
• Lease: A contract transferring the use of property or occupancy of land, space, structures, or equipment in consideration of a payment (e.g., rent). ^{Source: OCC}
• Lien: A claim against real or personal property in satisfaction of a debt.
• managing broker: has the meaning set forth in Indiana Code 32-28-12.5-3
• Mortgagee: The person to whom property is mortgaged and who has loaned the money.
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• real estate: has the meaning set forth in Indiana Code 32-28-12.5-4
• Revolving credit: A credit agreement (typically a credit card) that allows a customer to borrow against a preapproved credit line when purchasing goods and services. The borrower is only billed for the amount that is actually borrowed plus any interest due. (Also called a charge account or open-end credit.) ^{Source: OCC}
• Trial: A hearing that takes place when the defendant pleads "not guilty" and witnesses are required to come to court to give evidence.
• United States: includes the District of Columbia and the commonwealths, possessions, states in free association with the United States, and the territories. See Indiana Code 1-1-4-5
• Verified: when applied to pleadings, means supported by oath or affirmation in writing. See Indiana Code 1-1-4-5
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5