CHAPTER 2. DEFINITIONS
IC 32-20-2
Chapter 2. Definitions
IC 32-20-2-1
Application
Sec. 1. The definitions in this chapter apply throughout this
article.
As added by P.L.2-2002, SEC.5.
IC 32-20-2-2
"Marketable record title" defined
Sec. 2. "Marketable record title" means a title of record, as
described in IC 32-20-3-1, that operates to extinguish interests and
claims existing before the effective date of the root of title, as
provided in IC 32-20-3-3.
As added by P.L.2-2002, SEC.5.
IC 32-20-2-3
"Muniments" defined
Sec. 3. "Muniments" means the records of title transactions in the
chain of title of a person that:
(1) purport to create the interest in land claimed by the person;
and
(2) upon which the person relies as a basis for the marketability
of the person's title;
commencing with the root of title and including all subsequent
transactions.
As added by P.L.2-2002, SEC.5.
IC 32-20-2-4
"Person dealing with land" defined
Sec. 4. "Person dealing with land" includes:
(1) a purchaser of an estate or interest in an estate;
(2) a mortgagee;
(3) a levying or attaching creditor;
(4) a land contract vendee; or
(5) a person seeking to:
(A) acquire an estate or interest in an estate; or
(B) impose a lien on an estate.
As added by P.L.2-2002, SEC.5.
IC 32-20-2-5
"Records" defined
Sec. 5. "Records" includes all official public records that affect
title to land.
As added by P.L.2-2002, SEC.5.
IC 32-20-2-6
"Root of title" defined
Sec. 6. "Root of title" means that title transaction in the chain of
title of a person:
(1) that purports to create the interest claimed by the person;
(2) upon which the person relies as a basis for the marketability
of the person's title; and
(3) that is the most recent to be recorded as of a date at least
fifty (50) years before the time when marketability is being
determined.
The effective date of the root of title is the date on which it is
recorded.
As added by P.L.2-2002, SEC.5.
IC 32-20-2-7
"Title transaction" defined
Sec. 7. "Title transaction" means any transaction affecting title to
any interest in land, including the following:
(1) Title by will or descent.
(2) Title by tax deed.
(3) Title by trustee's, referee's, guardian's, executor's,
administrator's, commissioner's, or sheriff's deed.
(4) Title by decree of a court.
(5) Title by warranty deed, quitclaim deed, or mortgage.
As added by P.L.2-2002, SEC.5.