IC 4-11-2
    Chapter 2. Release of Certain Mortgages to State or State TrustFunds

IC 4-11-2-1
Loans of state funds; release of mortgages; evidence of payment
    Sec. 1. In all cases where lands in this state have been mortgagedto the state of Indiana, or to trustees or to custodians of the fundshereinafter named, or to the officers having had control andmanagement thereof, prior to January 1, 1900, to secure the loans ofthe Indianapolis funds, the bank tax fund, the treasury fund, thecongressional fund, the saline fund, the sinking fund, the statesurplus revenue fund, the county surplus fund, the state universityfund, the college fund, the seminary fund, the permanent endowmentfund and all other state trust funds of this state, except the commonschool fund, and such loans have been paid and not released, or notlegally and properly released of record, or, having been released,such releases have been lost before being recorded in the properrecorder's office, the auditor of state of the state of Indiana is herebyauthorized and directed to execute a release of such mortgage underhis hand and the seal of his office.
    In case evidence of the payment of such mortgage debts appear inthe records in the office of said auditor of state, or in the office of thetreasurer of state, then such release of such mortgage shall beexecuted without further proof, but if not, then the said auditor ofstate shall require documentary evidence and affidavits or otherproof to be filed in his office which shall establish to his satisfactionthe fact of full payment of said mortgage debt, thereupon he shallrelease such mortgage.
(Formerly: Acts 1919, c.28, s.1.)

IC 4-11-2-2
School fund mortgages; examination of records
    Sec. 2. (a) Because there exists in recorder's offices in variouscounties a large number of school fund mortgages that:
        (1) appear unsatisfied of record; and
        (2) have been paid;
the county auditor of any county where the mortgaged lands aresituated, when requested by the mortgagor or owner of the mortgagedlands, shall examine the ledgers or other records of the countyauditor's office and compare the records with the receipts of moneyfor school fund mortgages in the treasurer's office of the county.
    (b) If, upon the examination and comparison, and according to allfacts that are known to the county auditor, or that come to the countyauditor's knowledge, the county auditor finds that a mortgage in therecorder's office of the county that appears unsatisfied of record hasbeen paid, the county auditor shall make an entry of satisfaction uponthe margin of the record in the recorder's office, showing themortgage as paid.
    (c) The mortgagor or owner of the lands shall pay to the county

auditor a fee of twenty-five cents ($0.25) for services provided underthis section. The mortgagor or owner shall also pay to the recorderthe county recorder's fee provided for releasing mortgages.
As added by P.L.2-2006, SEC.4.

IC 4-11-2-3
School fund mortgages; counties; settlement of claim
    Sec. 3. If:
        (1) a person has purchased and been granted a deed ofconveyance to any lands sold for delinquent taxes by the countytreasurer of any county;
        (2) at the time when the lands were sold, there was an unpaidschool fund loan, secured by mortgage, on the lands, and themortgage was foreclosed by the county after the sale; and
        (3) through the foreclosure proceedings, the county acquiredtitle to the lands;
the board of commissioners of the county in which the lands aresituated may pay to the person who holds the tax deed to the landsany sum that may be agreed upon, not exceeding the amount that thepurchaser paid for the lands at the tax sale, together with an amountequal to any taxes that the purchaser of the lands paid, not includingany interest, on the condition that the holder of the tax deed to thelands execute to the board of commissioners of the county aquitclaim deed to the lands. All expenditures authorized under thissection shall be paid out of the county general fund without anyappropriation being made for the expenditure.
As added by P.L.2-2006, SEC.5.