CHAPTER 5. RELEASE BY FINANCIAL INSTITUTIONS OR CORPORATIONS

IC 32-29-5
    Chapter 5. Release by Financial Institutions or Corporations

IC 32-29-5-1
Discharge and satisfaction of liens; requisites; recording
    Sec. 1. (a) It is lawful for:
        (1) the president, vice president, cashier, secretary, treasurer,attorney in fact, or other authorized representative of a nationalbank, state bank, trust company, or savings bank; or
        (2) the president, vice president, general manager, secretary,treasurer, attorney in fact, or other authorized representative ofany other corporation doing business in Indiana;
to release upon the record mortgages, judgments, and other recordliens upon the payment of the debts secured by the liens.
    (b) A release, when made upon the margin or face of the recordof the mortgage, judgment, or other lien and attested by the recorder,clerk, or other officer having custody of the record of the lien, is afull discharge and satisfaction of the lien.
    (c) The recorder of each county may require that each release,discharge, or satisfaction of a mortgage, judgment, or lien, or anypartial release of any of these, be recorded on a separate writteninstrument. If a recorder requires the recording of each release,discharge, or satisfaction on a separate written instrument, aninstrument presented for recordation in that county may not containmore than one (1) release, discharge, or satisfaction. If a recorderallows an instrument to contain more than one (1) release, discharge,or satisfaction, the fee for recording that instrument is provided inIC 36-2-7-10(b)(3).
    (d) Except as provided in subsection (e), a national bank, statebank, trust company, savings bank, or other corporation may releaseand discharge mortgages, judgments, or other record liens by aseparate written instrument signed by its:
        (1) corporate name;
        (2) president;
        (3) vice president;
        (4) cashier;
        (5) secretary;
        (6) treasurer;
        (7) attorney-in-fact; or
        (8) authorized representative.
A release under this subsection shall be recorded by the recorder,clerk, or other officer having custody of the record of the lien, witha reference on the margin of the record of the lien to the locationwhere the release is recorded. Upon recordation, the release is a fulldischarge and satisfaction of the lien, or portion of the lien, asindicated in a partial release.
    (e) A release by the attorney-in-fact may not be recorded until awritten instrument specifically granting the attorney in fact theauthority to release and discharge mortgages, judgments, or otherrecord liens has been filed and recorded in the recorder's office of the

county where the release is to be recorded. The written instrumentmust be in writing and signed and acknowledged by two (2) officersof the national bank, state bank, trust company, savings bank, orother corporation.
    (f) A party may revoke the written instrument filed undersubsection (e) by:
        (1) noting on the written instrument granting the attorney in factthe authority to release mortgages and liens that this power hasbeen revoked; or
        (2) filing and recording in the recorder's office of the countywhere the written instrument described in subsection (e) of thissection was filed, a separate written instrument signed andacknowledged by two (2) officers of the entity revoking theattorney-in-fact's authority.
The written notice of revocation described in this subsection must beattested by the recorder of the county in which the revocation is filed.The party conferring the power described in subsection (e) is boundby an act performed before written notice revoking the authority isproperly attested to and filed in the county recorder's office.
As added by P.L.2-2002, SEC.14.