CHAPTER 10. LIMITATIONS ON POSSIBILITY OF REVERTER OR RIGHTS OF ENTRY FOR A BREACH OF A CONDITION SUBSEQUENT
IC 32-17-10
Chapter 10. Limitations on Possibility of Reverter or Rights of
Entry for a Breach of a Condition Subsequent
IC 32-17-10-1
Application of chapter
Sec. 1. This chapter does not apply to the following:
(1) A conveyance made for the purpose of extinguishing a
possibility of reverter or a right of entry.
(2) The rights of:
(A) a mortgagee based on the terms of the mortgage;
(B) a trustee or beneficiary under a trust deed in the nature
of a mortgage based on the terms of the trust deed;
(C) a grantor under a vendor's lien reserved in a deed;
(D) a lessor under a lease for a term of years; or
(E) a person with a separate property interest in coal, oil,
gas, or other minerals.
As added by P.L.2-2002, SEC.2.
IC 32-17-10-2
Duration of possibility of reverter or right of entry for breach of
condition subsequent
Sec. 2. A possibility of reverter or right of entry for breach of a
condition subsequent concerning real property is invalid after thirty
(30) years from the date the possibility of reverter or right of entry is
created, notwithstanding a period of creation longer than thirty (30)
years:
(1) if the breach of the condition has not occurred; and
(2) despite whether the possibility of reverter or right of entry
was created before, on, or after July 1, 1993.
As added by P.L.2-2002, SEC.2.
IC 32-17-10-3
Expired rights of action
Sec. 3. A person may not commence an action for recovery of any
part of real property after June 30, 1994, based on a possibility of
reverter or right of entry for a breach of a condition subsequent if:
(1) the breach of the condition occurred before July 1, 1993;
and
(2) the possibility of reverter or right of entry was created
before July 1, 1963.
As added by P.L.2-2002, SEC.2.