Terms Used In Indiana Code > Title 5 > Article 20 > Chapter 2 - Financing of Housing

• Authority: refers to the Indiana housing and community development authority created by IC 5-20-1-3. See Indiana Code 5-20-2-2
• Beneficiary: A person who is entitled to receive the benefits or proceeds of a will, trust, insurance policy, retirement plan, annuity, or other contract. ^{Source: OCC}
• Bonds: means the revenue bonds authorized to be issued under this chapter and includes notes and any and all other limited obligations of a county or municipality payable as provided in this chapter. See Indiana Code 5-20-2-2
• Clerk: means the clerk of the court or a person authorized to perform the clerk's duties. See Indiana Code 1-1-4-5
• Contract: A legal written agreement that becomes binding when signed.
• Dependent: A person dependent for support upon another.
• Evidence: Information presented in testimony or in documents that is used to persuade the fact finder (judge or jury) to decide the case for one side or the other.
• 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}
• Home: means real property and improvements thereon constructed for human habitation, located within the county or municipality, consisting of not more than four (4) units, and owned by one (1) mortgagor who occupies or intends to occupy one (1) of such units. See Indiana Code 5-20-2-2
• Home mortgage: means an interest bearing loan for not to exceed thirty (30) years to a mortgagor for the purpose of purchasing or improving a home, evidenced by a promissory note and secured by a mortgage on this home, but shall not include a loan primarily for the purpose of refinancing an existing loan. See Indiana Code 5-20-2-2
• Interest rate: The amount paid by a borrower to a lender in exchange for the use of the lender's money for a certain period of time. Interest is paid on loans or on debt instruments, such as notes or bonds, either at regular intervals or as part of a lump sum payment when the issue matures. ^{Source: OCC}
• 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.
• Lending institution: means any bank, trust company, savings bank, national banking association, savings association, mortgage banker, or other financing institution or governmental agency which customarily provides service or otherwise aids in the financing of mortgages on single family residential housing or multifamily residential housing, which institution, for a county, is located in that county, and for a municipality is located in the county in which the municipality is located, or any holding company for any of the foregoing. See Indiana Code 5-20-2-2
• Lien: A claim against real or personal property in satisfaction of a debt.
• minor: means a person less than eighteen (18) years of age. See Indiana Code 1-1-4-5
• 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.
• Mortgagor: means an individual, or two (2) or more individuals acting together, who have received a home mortgage under this chapter. See Indiana Code 5-20-2-2
• Municipality: means a city or town. See Indiana Code 5-20-2-2
• Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
• Plaintiff: The person who files the complaint in a civil lawsuit.
• Population: has the meaning set forth in Indiana Code 1-1-4-5
• Property: includes personal and real property. See Indiana Code 1-1-4-5
• Public law: A public bill or joint resolution that has passed both chambers and been enacted into law. Public laws have general applicability nationwide.
• Recording officer: means the clerk or clerk-treasurer of a county or municipality. See Indiana Code 5-20-2-2
• Trustee: A person or institution holding and administering property in trust.
• Year: means a calendar year, unless otherwise expressed. See Indiana Code 1-1-4-5