CHAPTER 2. MORTGAGE OF HOUSEHOLD GOODS
IC 26-2-2
Chapter 2. Mortgage of Household Goods
IC 26-2-2-1
Mortgagee's power of sale proscribed; judicial sale
Sec. 1. No mortgage of household goods which may be executed
after March 8, 1897, shall authorize the mortgagee to sell such
mortgaged property, and any provision in any such mortgage giving
the mortgagee the power of sale shall be void. But every sale of
household goods to satisfy a mortgage thereon shall be under a
judicial proceeding, in which such mortgage shall be foreclosed in
the circuit or superior court.
(Formerly: Acts 1897, c.176, s.1.) As amended by P.L.152-1986,
SEC.301.
IC 26-2-2-2
Restriction on mortgagee's right of possession
Sec. 2. The mortgagee of household goods shall not be entitled to
the possession of the mortgaged property unless the mortgage
specially provides that the mortgagee shall have possession of the
mortgaged property from the time the mortgage is executed until
sale, as provided in this chapter, and the mortgagee takes actual
possession of such property when the mortgage is executed and holds
it continuously until sale. In all other cases, the possession of the
mortgaged property shall remain in the mortgagor until he is divested
of his title by sale, as provided in section 1 of this chapter.
(Formerly: Acts 1897, c.176, s.2.) As amended by P.L.152-1986,
SEC.302.
IC 26-2-2-3
Duty to receipt for payments made
Sec. 3. It shall be the duty of the holder of any mortgage on
household goods, or the agent of such holder or mortgagee whose
duty it is to receive money on such mortgage, when any money,
check or anything taken in payment on such mortgage or interest due
thereon, is received by them from the mortgagor or from any person
acting for the mortgagor, to give to the mortgagor or person making
the payment a receipt specifying the amount paid and stating the
unpaid balance, if any. However, no receipt is required where
payment is made by check. If any such holder or mortgagee or the
agent of such holder or mortgagee whose duty it is to receive such
payments, shall fail to execute and deliver such receipt to the
mortgagor, such mortgage shall be void.
(Formerly: Acts 1897, c.176, s.3; Acts 1957, c.188, s.1; Acts 1973,
P.L.267, SEC.1.) As amended by Acts 1977, P.L.279, SEC.1.