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 anymortgage, indenture of trust, or trust deed executed to create a lienon any property, whether real or personal or both, in Indiana tosecure one (1) or more series of bonds, notes, or debentures. Theterm applies without regard to whether the total obligation to besecured is specifically defined, limited, or left open in the originalsecurity 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 seriesmortgage" means the maturity date of the last to mature of the bonds,notes, or debentures secured by a series mortgage, as the maturitydate is shown of record in the original security instrument or in asupplemental 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 aseries 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" meansan instrument or indenture executed to supplement the originalsecurity 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 inanother manner supplementing or amending the original securityinstrument.
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 thefinal maturity date of the series mortgage; and
        (2) an action may not be commenced in an Indiana court toenforce or to foreclose the lien of a series mortgage more thanten (10) years after the final maturity date of the seriesmortgage.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 aseries mortgage may not be impaired or injured by the passage oftime other than as provided in section 5 of this chapter.
As added by P.L.2-2002, SEC.14.