IC 32-21-4
    Chapter 4. Priority of Recorded Transactions

IC 32-21-4-1
Recording in county where land situated; priority based on time offiling
    Sec. 1. (a) The following must be recorded in the recorder's officeof the county where the land is situated:
        (1) A conveyance or mortgage of land or of any interest in land.
        (2) A lease for more than three (3) years.
    (b) A conveyance, mortgage, or lease takes priority according tothe time of its filing. The conveyance, mortgage, or lease isfraudulent and void as against any subsequent purchaser, lessee, ormortgagee in good faith and for a valuable consideration if thepurchaser's, lessee's, or mortgagee's deed, mortgage, or lease is firstrecorded.
    (c) This subsection applies only to a mortgage. This subsectionapplies regardless of when a mortgage was recorded. If:
        (1) an instrument referred to in subsection (a) is recorded; and
        (2) the instrument does not comply with the:
            (A) requirements of:
                (i) IC 32-21-2-3; or
                (ii) IC 32-21-2-7; or
            (B) technical requirements of IC 36-2-11-16(c);
the instrument is validly recorded and provides constructive noticeof the contents of the instrument as of the date of filing.
As added by P.L.2-2002, SEC.6. Amended by P.L.1-2003, SEC.81;P.L.135-2007, SEC.2; P.L.129-2008, SEC.1.

IC 32-21-4-2
Assignment, mortgage, or pledge of rents and profits as security;recording; immediate perfection
    Sec. 2. (a) This section applies to an instrument regardless ofwhen the instrument was recorded, except that this section does notdivest rights that vested before May 1, 1993.
    (b) An assignment, a mortgage, or a pledge of rents and profitsarising from real estate that is intended as security, whethercontained in a separate instrument or otherwise, must be recordedunder section 1 of this chapter.
    (c) When an assignment, a mortgage, or a pledge of rents andprofits is recorded under subsection (b), the security interest of theassignee, mortgagee, or pledgee is immediately perfected as to theassignor, mortgagor, pledgor, and any third parties:
        (1) regardless of whether the assignment, mortgage, or pledgeis operative:
            (A) immediately;
            (B) upon the occurrence of a default; or
            (C) under any other circumstances; and
        (2) without the holder of the security interest taking any furtheraction.    (d) This section does not apply to security interests in:
        (1) farm products;
        (2) accounts or general intangibles arising from or relating tothe sale of farm products by a farmer;
        (3) timber to be cut; or
        (4) minerals or the like (including oil and gas);
that may be perfected under IC 26-1-9.1.
As added by P.L.2-2002, SEC.6.

IC 32-21-4-3
Instrument of defeasance
    Sec. 3. (a) This section applies when a deed:
        (1) purports to contain an absolute conveyance of any estate inland; and
        (2) is made or intended to be made defeasible by:
            (A) a deed of defeasance;
            (B) a bond; or
            (C) another instrument.
    (b) The original conveyance is not defeated or affected againstany person other than the maker of the defeasance, the heirs ordevisees of the maker of the defeasance, or persons having actualnotice of the defeasance unless the instrument of defeasance is:
        (1) a deed of defeasance or bond that is recorded in the mannerprovided by law within ninety (90) days after the date of thedeed; or
        (2) another instrument that:
            (A) is in a form required by the deed;
            (B) contains an accurate legal description of the estate inland;
            (C) is dated;
            (D) has been acknowledged before a notary public;
            (E) has been made for consideration; and
            (F) is recorded in the manner provided by law within ninety(90) days after the date of the deed.
As added by P.L.2-2002, SEC.6. Amended by P.L.1-2003, SEC.82;P.L.156-2005, SEC.1.