CHAPTER 2. ESTATE
IC 32-17-2
Chapter 2. Estate
IC 32-17-2-1
Application; two or more persons; conveyances and devises
Sec. 1. (a) This section does not apply to:
(1) mortgages;
(2) conveyances in trust; or
(3) conveyances made to husband and wife.
(b) Every estate vested in executors or trustees as executors shall
be held by them in joint tenancy.
(c) Except as provided in subsection (b), a conveyance or devise
of land or of any interest in land made to two (2) or more persons
creates an estate in common and not in joint tenancy unless:
(1) it is expressed in the conveyance or devise that the grantees
or devisees hold the land or interest in land in joint tenancy and
to the survivor of them; or
(2) the intent to create an estate in joint tenancy manifestly
appears from the tenor of the instrument.
As added by P.L.2-2002, SEC.2.
IC 32-17-2-2
Deed of release or quitclaim
Sec. 2. A deed of release or quitclaim passes all the estate that the
grantor (as defined in IC 32-17-1-1) may convey by a deed of bargain
and sale.
As added by P.L.2-2002, SEC.2.
IC 32-17-2-3
Future estates; life estates; remainders
Sec. 3. (a) A freehold estate and a chattel real may be created to
begin at a future day.
(b) An estate for life:
(1) may be created in a term of years with or without the
intervention of a precedent estate; and
(2) a remainder may be limited on the estate for life.
(c) A remainder of a freehold or a chattel real, either contingent
or vested, may be created, expectant on the termination of a term of
years.
As added by P.L.2-2002, SEC.2.
IC 32-17-2-4
Contingent remainder
Sec. 4. A remainder may be limited on a contingency. If the
contingency occurs, the contingency abridges or determines the
precedent estate.
As added by P.L.2-2002, SEC.2.
IC 32-17-2-5
Conveyance by tenant for life or years
Sec. 5. A conveyance made by a tenant for life or years that
purports to grant or convey a greater estate than the tenant possesses
or can lawfully convey:
(1) does not result in a forfeiture of the tenants's estate; and
(2) passes to the grantee or alienee all the estate that the tenant
may lawfully convey.
As added by P.L.2-2002, SEC.2.