CHAPTER 4. APPRAISEMENT
IC 34-55-4
Chapter 4. Appraisement
IC 34-55-4-1
Sales for less than two-thirds appraised value prohibited
Sec. 1. Property shall not be sold on any execution or order of sale
issued out of any court for less than two-thirds (2/3) of the appraised
cash value of the property, exclusive of liens and encumbrances,
except where otherwise provided by law.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-2
Sheriff to ascertain cash value
Sec. 2. The sheriff, immediately upon levying an execution, shall
proceed to ascertain the cash value of the property levied upon.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-3
Appraisers; selection; duties
Sec. 3. (a) For the purpose of appraising the cash value of
property:
(1) two (2) disinterested householders of the neighborhood
where the levy is made shall be selected as appraisers, one (1)
of whom shall be selected by each of the parties or their agents;
or
(2) in the absence of either party or the party's agent, or upon
the failure or refusal of either party after three (3) days notice
by the sheriff, to make the selection, the sheriff shall proceed to
select the appraisers.
(b) The appraisers shall immediately proceed to appraise the
property according to its cash value at the time, deducting liens and
encumbrances. In case of their disagreement as to the value, the
sheriff shall select a like disinterested appraiser, and, with the
disinterested appraiser's assistance, shall complete the valuation. The
appraisement of any two (2) of them shall be considered the cash
value.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-4
Failure of appraiser to act; successor
Sec. 4. If an appraiser fails to act or to complete the valuation,
another appraiser shall be chosen, as provided in this chapter.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-5
Lists of liens and encumbrances
Sec. 5. It is not the duty of the sheriff or the appraisers to ascertain
the amount of liens and encumbrances. However, either party may
furnish the sheriff with a list of liens and encumbrances, with the
amount and nature of each.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-6
Schedule of property levied on
Sec. 6. The sheriff shall furnish the appraisers a schedule of the
property levied on, with the encumbrances made known to the
sheriff. The appraisers shall proceed to fix and set down opposite to
each tract, lot, or parcel of real estate, and of the several articles of
personal property, the cash value, deducting liens and encumbrances.
The appraisers shall return the schedule to the sheriff.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-7
Oath of appraisers
Sec. 7. (a) The appraisers shall take and subscribe an oath,
annexed to the appraisement, to the effect that:
(1) the property mentioned in the schedule is, to the best of their
judgment, worth the sums specified in the appraisement; and
(2) the appraisement is the fair cash value of the property at the
time, exclusive of liens and encumbrances.
(b) The sheriff may administer and attest the oath described in
subsection (a).
As added by P.L.1-1998, SEC.51.
IC 34-55-4-8
Purchaser's rights regarding encumbered property
Sec. 8. (a) Subject to subsection (b), where any property is sold
subject to liens and encumbrances, the purchaser may:
(1) pay the liens and encumbrances and hold the property
discharged from all claims of the execution defendant; or
(2) hold the property subject to be redeemed by the execution
defendant, or the execution defendant's heirs, or assigns, by
paying to the purchaser, or the purchaser's heirs or assigns, the
purchase money, with interest.
When redeemed, the purchaser shall have the growing crops and
shall not be accountable for rents and profits, but the purchaser shall
account for waste.
(b) This section does not deprive a party from the right to redeem
when authorized by statute.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-9
Unsold property; sheriff's duty
Sec. 9. When any property levied on remains unsold, the sheriff
shall, when the sheriff returns the execution, return the appraisement
with the execution, stating in the sheriff's return the failure to sell
and the cause of the failure.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-10
Continuance of lien on unsold property
Sec. 10. (a) The lien of the levy upon the property shall continue,
and the clerk, when directed by the plaintiff, shall immediately issue
another execution:
(1) reciting the return of the former execution and the levy and
failure to sell; and
(2) directing the sheriff to satisfy the judgment out of the unsold
property, if the unsold property is sufficient.
(b) If the property is not sufficient, the sheriff shall satisfy the
judgment out of any other property of the debtor subject to
execution. However, the lien as to personal property continues only
for thirty (30) days (unless a second execution is issued) from the
time of the return. At that time, the property shall be released to bona
fide purchasers for value and to the levies of writs on other
judgments. The levy shall, as between the parties, be considered
vacated. As to real property, the levy of the writ shall be discharged
after six (6) months.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-11
Unsold property; revaluation and reoffer
Sec. 11. Whenever any property levied upon remains unsold for
want of buyers, the plaintiff may cause the property to be reoffered
at any time before the return day of the execution, at the plaintiff's
costs, as often as the plaintiff may direct. In case of the sale of the
property, the costs of the offer and sale shall be taxed against the
defendant. Either party may have a revaluation of the property, at
that party's costs, after any offer to sell.
As added by P.L.1-1998, SEC.51.
IC 34-55-4-12
Fraudulent transfers or conveyances
Sec. 12. Property conveyed by a debtor with intent to hinder,
delay, or defraud creditors shall be sold without appraisement.
As added by P.L.1-1998, SEC.51.