CHAPTER 10. TEN YEAR EXPIRATION ON LIEN OF A SERIES MORTGAGE
IC 32-29-10
Chapter 10. Ten Year Expiration on Lien of a Series Mortgage
IC 32-29-10-1
"Series mortgage"
Sec. 1. As used in this chapter, "series mortgage" means any
mortgage, indenture of trust, or trust deed executed to create a lien
on any property, whether real or personal or both, in Indiana to
secure one (1) or more series of bonds, notes, or debentures. The
term applies without regard to whether the total obligation to be
secured is specifically defined, limited, or left open in the original
security instrument.
As added by P.L.2-2002, SEC.14.
IC 32-29-10-2
"Final maturity date of the series mortgage"
Sec. 2. As used in this chapter, "final maturity date of the series
mortgage" means the maturity date of the last to mature of the bonds,
notes, or debentures secured by a series mortgage, as the maturity
date is shown of record in the original security instrument or in a
supplemental indenture subsequently recorded.
As added by P.L.2-2002, SEC.14.
IC 32-29-10-3
"Original security instrument"
Sec. 3. As used in this chapter, "original security instrument"
means the original instrument or indenture executed to evidence a
series mortgage.
As added by P.L.2-2002, SEC.14.
IC 32-29-10-4
"Supplemental indenture"
Sec. 4. As used in this chapter, "supplemental indenture" means
an instrument or indenture executed to supplement the original
security instrument, defining one (1) or more series of bonds, notes,
or debentures secured, or to be secured, by the series mortgage,
specifying property subject to the lien of the series mortgage or in
another manner supplementing or amending the original security
instrument.
As added by P.L.2-2002, SEC.14.
IC 32-29-10-5
Expiration of lien; limitation of actions
Sec. 5. Notwithstanding any other Indiana statute:
(1) the lien of a series mortgage expires ten (10) years after the
final maturity date of the series mortgage; and
(2) an action may not be commenced in an Indiana court to
enforce or to foreclose the lien of a series mortgage more than
ten (10) years after the final maturity date of the series
mortgage.
As added by P.L.2-2002, SEC.14.
IC 32-29-10-6
Impairment or injury by passage of time
Sec. 6. Notwithstanding any other Indiana statute, the lien of a
series mortgage may not be impaired or injured by the passage of
time other than as provided in section 5 of this chapter.
As added by P.L.2-2002, SEC.14.