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 saleissued out of any court for less than two-thirds (2/3) of the appraisedcash 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, shallproceed 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 ofproperty:
(1) two (2) disinterested householders of the neighborhoodwhere 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 uponthe failure or refusal of either party after three (3) days noticeby the sheriff, to make the selection, the sheriff shall proceed toselect the appraisers.
(b) The appraisers shall immediately proceed to appraise theproperty according to its cash value at the time, deducting liens andencumbrances. In case of their disagreement as to the value, thesheriff shall select a like disinterested appraiser, and, with thedisinterested appraiser's assistance, shall complete the valuation. Theappraisement of any two (2) of them shall be considered the cashvalue.
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 ascertainthe amount of liens and encumbrances. However, either party mayfurnish the sheriff with a list of liens and encumbrances, with theamount 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 theproperty levied on, with the encumbrances made known to thesheriff. The appraisers shall proceed to fix and set down opposite toeach tract, lot, or parcel of real estate, and of the several articles ofpersonal 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 theirjudgment, worth the sums specified in the appraisement; and
(2) the appraisement is the fair cash value of the property at thetime, exclusive of liens and encumbrances.
(b) The sheriff may administer and attest the oath described insubsection (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 soldsubject to liens and encumbrances, the purchaser may:
(1) pay the liens and encumbrances and hold the propertydischarged from all claims of the execution defendant; or
(2) hold the property subject to be redeemed by the executiondefendant, or the execution defendant's heirs, or assigns, bypaying to the purchaser, or the purchaser's heirs or assigns, thepurchase money, with interest.
When redeemed, the purchaser shall have the growing crops andshall not be accountable for rents and profits, but the purchaser shallaccount for waste.
(b) This section does not deprive a party from the right to redeemwhen 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 sheriffshall, when the sheriff returns the execution, return the appraisementwith the execution, stating in the sheriff's return the failure to selland 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 issueanother execution:
(1) reciting the return of the former execution and the levy andfailure to sell; and
(2) directing the sheriff to satisfy the judgment out of the unsoldproperty, if the unsold property is sufficient.
(b) If the property is not sufficient, the sheriff shall satisfy thejudgment out of any other property of the debtor subject toexecution. However, the lien as to personal property continues onlyfor thirty (30) days (unless a second execution is issued) from thetime of the return. At that time, the property shall be released to bonafide purchasers for value and to the levies of writs on otherjudgments. The levy shall, as between the parties, be consideredvacated. As to real property, the levy of the writ shall be dischargedafter 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 forwant of buyers, the plaintiff may cause the property to be reofferedat any time before the return day of the execution, at the plaintiff'scosts, as often as the plaintiff may direct. In case of the sale of theproperty, the costs of the offer and sale shall be taxed against thedefendant. Either party may have a revaluation of the property, atthat 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.