State Codes and Statutes
Statutes > Indiana > Title32 > Ar29 > Ch8
IC 32-29-8
Chapter 8. Parties to Foreclosure Suit; Redemption
IC 32-29-8-1
Mortgagee or assignee; purchaser at judicial sale
Sec. 1. If a suit is brought to foreclose a mortgage, the mortgagee
or an assignee shown on the record to hold an interest in the
mortgage shall be named as a defendant.
As added by P.L.2-2002, SEC.14.
IC 32-29-8-2
Failure to record or join foreclosure action
Sec. 2. A person who fails to:
(1) have an assignment of the mortgage made to the person
properly placed on the mortgage record; or
(2) be made a party to the foreclosure action;
is bound by the court's judgment or decree as if the person were a
party to the suit.
As added by P.L.2-2002, SEC.14.
IC 32-29-8-3
Good faith purchaser at judicial sale
Sec. 3. A person who purchases a mortgaged premises or any part
of a mortgaged premises under the court's judgment or decree at a
judicial sale or who claims title to the mortgaged premises under the
judgment or decree, buying without actual notice of an assignment
that is not of record or of the transfer of a note, the holder of which
is not a party to the action, holds the premises free and discharged of
the lien. However, any assignee or transferee may redeem the
premises, like any other creditor, during the period of one (1) year
after the sale.
As added by P.L.2-2002, SEC.14.
