IC 32-30-10
Chapter 10. Mortgage Foreclosure Actions
IC 32-30-10-1 "Auctioneer" defined
Sec. 1. As used in this chapter, "auctioneer" means an auctioneer
licensed under IC 25-6.1. As added by P.L.2-2002, SEC.15.
IC 32-30-10-2 "Economically feasible"; required findings
Sec. 2. For purposes of section 9 of this chapter, the sale of a
property through the services of an auctioneer is "economically
feasible" if the court determines that:
(1) a reasonable probability exists that, with the use of the
services of an auctioneer, a valid and enforceable bid will be
made at a foreclosure for a sale price equal to or greater than
the amount of the judgment and the costs and expenses
necessary to its satisfaction, including the costs of the
auctioneer; and
(2) the reasonable probability would not exist without the use
of an auctioneer. As added by P.L.2-2002, SEC.15.
IC 32-30-10-3 Mortgagee's right to foreclose if mortgagor defaults; venue
Sec. 3. (a) Subject to IC 32-30-10.5 with respect to mortgage
transactions described in IC 32-30-10.5-5, if a mortgagor defaults in
the performance of any condition contained in a mortgage, the
mortgagee or the mortgagee's assigns may proceed in the circuit
court of the county where the real estate is located to foreclose the
equity of redemption contained in the mortgage.
(b) If the real estate is located in more than one (1) county, the
circuit court of any county in which the real estate is located has
jurisdiction for an action for the foreclosure of the equity of
redemption contained in the mortgage. As added by P.L.2-2002, SEC.15. Amended by P.L.105-2009,
SEC.18.
IC 32-30-10-4 Remedy
Sec. 4. If there is not an express agreement in the mortgage or a
separate instrument for the payment of the sum secured by the
mortgage, the remedy of the mortgagee is confined to the property
mortgaged. As added by P.L.2-2002, SEC.15.
IC 32-30-10-5 Judgment of foreclosure; personal judgment; sale of property
Sec. 5. In rendering judgment of foreclosure, the courts shall:
(1) give personal judgment against any party to the suit liable
upon any agreement for the payment of any sum of money
secured by the mortgage; and
(2) order the mortgaged premises, or as much of the mortgaged
premises as may be necessary to satisfy the mortgage and court
costs, to be sold first before the sale of other property of the
defendant.
The judgment is satisfied by the payment of the mortgage debt, with
interest and costs, at any time before sale. As added by P.L.2-2002, SEC.15.
IC 32-30-10-6 Satisfaction of judgment; recording; recorder's fee
Sec. 6. Upon:
(1) the foreclosure of a recorded mortgage in a court of any
county having jurisdiction in Indiana; and
(2) the payment and satisfaction of the judgment as may be
rendered in the foreclosure proceeding;
the prevailing party shall immediately after satisfaction of the
judgment record the satisfaction of the mortgage on the records of
the recorder's office of the county where the property is located. The
record in foreclosure and satisfaction must show that the whole debt,
secured by the mortgage, has been paid. The recorder must be paid
a fee of not more than the amount specified in IC 36-2-7-10(b)(1) and
IC 36-2-7-10(b)(2) in each case of foreclosure requiring satisfaction. As added by P.L.2-2002, SEC.15.
IC 32-30-10-7 Balance due and costs that remain unsatisfied levied on any
property of debtor
Sec. 7. If there is an express written agreement for the payment of
the sum of money that is secured by a mortgage or a separate
instrument, the court shall direct in the order of sale that the balance
due on the mortgage and costs that may remain unsatisfied after the
sale of the mortgaged premises be levied on any property of the
mortgage-debtor. As added by P.L.2-2002, SEC.15.
IC 32-30-10-8 Order of sale; certification; sheriff's sale; sale of remaining
property to pay unsatisfied judgment, interest, and costs
Sec. 8. (a) The copy of the court's order of sale and judgment shall
be issued and certified by the clerk under the seal of the court to the
sheriff.
(b) After receiving the order under subsection (a), the sheriff shall
proceed to sell the mortgaged premises, or as much of the mortgaged
premises as is necessary to satisfy the judgment, interest, and costs.
If any part of the judgment, interest, and costs remain unsatisfied
after the sale of the mortgaged premises, the sheriff shall proceed to
sell the remaining property of the defendant. If the mortgaged
property is located in more than one (1) county, a common
description of the property, the sale of the property, and the location
of the sale must be advertised in each county where the property is
located. As added by P.L.2-2002, SEC.15.
IC 32-30-10-9 Manner of sale; use of auctioneer; auctioneer's fee
Sec. 9. (a) A sheriff shall sell property on foreclosure in a manner
that is reasonably likely to bring the highest net proceeds from the
sale after deducting the expenses of the offer and sale.
(b) Upon prior petition of the debtor or a creditor involved in the
foreclosure proceedings, the court in its order of foreclosure shall
order the property sold by the sheriff through the services of the
auctioneer requested by the petitioner and approved by the court if:
(1) the court determines that a sale is economically feasible; or
(2) all the creditors in the proceedings agree to both that method
of sale and the compensation to be paid the auctioneer.
(c) The sheriff shall engage the auctioneer not later than fourteen
(14) calendar days after the date of the order entered by the court
under subsection (b). The auctioneer shall schedule the auction and
conduct the auctioneer's activities as appropriate to bring the highest
bid for the property on foreclosure. The advertising conducted by the
auctioneer is in addition to any other notice required by law.
(d) The auctioneer's fee must be a reasonable amount stated in the
court's order. However, if the sale by use of an auctioneer has not
been agreed to by the creditors in the proceedings and the sale price
is less than the amount of the judgment and the costs and expenses
necessary to the satisfaction of the judgment, the auctioneer is
entitled only to the auctioneer's advertising expenses plus one
hundred dollars ($100). The amount due to the auctioneer on account
of the auctioneer's expenses and fee, if any, must be paid as a cost of
the sale from the proceeds before the payment of any other payment. As added by P.L.2-2002, SEC.15. Amended by P.L.167-2005, SEC.2.
IC 32-30-10-10 Mutually exclusive actions
Sec. 10. A plaintiff may not:
(1) proceed to foreclose the mortgagee's mortgage:
(A) while the plaintiff is prosecuting any other action for the
same debt or matter that is secured by the mortgage;
(B) while the plaintiff is seeking to obtain execution of any
judgment in any other action; or
(C) until the notice under IC 32-30-10.5-8(a) has been sent,
if required, in the case of a mortgage transaction described
in IC 32-30-10.5-5; or
(2) prosecute any other action for the same matter while the
plaintiff is foreclosing the mortgagee's mortgage or prosecuting
a judgment of foreclosure. As added by P.L.2-2002, SEC.15. Amended by P.L.105-2009,
SEC.19.
IC 32-30-10-11 Payment of principal, interest, and costs before final judgment;
dismissal; payment after final judgment; stay
Sec. 11. (a) If:
(1) a complaint is filed for the foreclosure of a mortgage;
(2) any interest or installment of the principal is due, but no
other installments are due; and
(3) the defendant pays the court the principal and interest due,
with costs, at any time before final judgment;
the complaint must be dismissed.
(b) If the defendant pays the court the principal and interest due
after the final judgment, the proceedings on the final judgment must
be stayed. However, the stay may be removed upon a subsequent
default in the payment of any installment of the principal or interest
after the payment is due.
(c) In the final judgment, the court shall direct at what time and
upon what default any subsequent execution shall issue. As added by P.L.2-2002, SEC.15.
IC 32-30-10-12 Sale of property in parcels
Sec. 12. (a) In cases under this chapter, the court shall ascertain
whether the property can be sold in parcels. If the property can be
sold in parcels without injury to the interest of the parties, the court
shall direct that only as much of the premises be sold as will be
sufficient to pay the amount due on the mortgage, with costs, and the
judgment shall remain and be enforced upon any subsequent default,
unless the amount due is paid before execution of the judgment is
completed.
(b) If the mortgaged premises cannot be sold in parcels, the court
shall order the whole mortgaged premises to be sold. As added by P.L.2-2002, SEC.15.
IC 32-30-10-13 Endorsement of an execution issued on a judgment
Sec. 13. If an execution is issued on a judgment recovered for a
debt secured by mortgage of real property, the plaintiff shall endorse
on the execution a brief description of the mortgaged premises.
However, the equity of redemption may not be sold on the execution
of judgment. As added by P.L.2-2002, SEC.15.
IC 32-30-10-14 Application of proceeds of sale; disposition of excess proceeds
Sec. 14. The proceeds of a sale described in IC 32-29-7 or section
8 or 12(b) of this chapter must be applied in the following order:
(1) Expenses of the offer and sale, including expenses incurred
under IC 32-29-7-4 or section 9 of this chapter (or
IC 34-1-53-6.5 or IC 32-15-6-6.5 before their repeal).
(2) The payment of the principal due, interest, and costs not
described in subdivision (1).
(3) The residue secured by the mortgage and not due.
(4) If the residue referred to in subdivision (3) does not bear
interest, a deduction must be made by discounting the legal
interest.
In all cases in which the proceeds of sale exceed the amounts
described in subdivisions (1) through (4), the surplus must be paid to
the clerk of the court to be transferred, as the court directs, to the
mortgage debtor, mortgage debtor's heirs, or other persons assigned
by the mortgage debtor. As added by P.L.2-2002, SEC.15. Amended by P.L.88-2009, SEC.3;
P.L.182-2009(ss), SEC.390; P.L.73-2010, SEC.9.
IC 32-30-10
Chapter 10. Mortgage Foreclosure Actions
IC 32-30-10-1 "Auctioneer" defined
Sec. 1. As used in this chapter, "auctioneer" means an auctioneer
licensed under IC 25-6.1. As added by P.L.2-2002, SEC.15.
IC 32-30-10-2 "Economically feasible"; required findings
Sec. 2. For purposes of section 9 of this chapter, the sale of a
property through the services of an auctioneer is "economically
feasible" if the court determines that:
(1) a reasonable probability exists that, with the use of the
services of an auctioneer, a valid and enforceable bid will be
made at a foreclosure for a sale price equal to or greater than
the amount of the judgment and the costs and expenses
necessary to its satisfaction, including the costs of the
auctioneer; and
(2) the reasonable probability would not exist without the use
of an auctioneer. As added by P.L.2-2002, SEC.15.
IC 32-30-10-3 Mortgagee's right to foreclose if mortgagor defaults; venue
Sec. 3. (a) Subject to IC 32-30-10.5 with respect to mortgage
transactions described in IC 32-30-10.5-5, if a mortgagor defaults in
the performance of any condition contained in a mortgage, the
mortgagee or the mortgagee's assigns may proceed in the circuit
court of the county where the real estate is located to foreclose the
equity of redemption contained in the mortgage.
(b) If the real estate is located in more than one (1) county, the
circuit court of any county in which the real estate is located has
jurisdiction for an action for the foreclosure of the equity of
redemption contained in the mortgage. As added by P.L.2-2002, SEC.15. Amended by P.L.105-2009,
SEC.18.
IC 32-30-10-4 Remedy
Sec. 4. If there is not an express agreement in the mortgage or a
separate instrument for the payment of the sum secured by the
mortgage, the remedy of the mortgagee is confined to the property
mortgaged. As added by P.L.2-2002, SEC.15.
IC 32-30-10-5 Judgment of foreclosure; personal judgment; sale of property
Sec. 5. In rendering judgment of foreclosure, the courts shall:
(1) give personal judgment against any party to the suit liable
upon any agreement for the payment of any sum of money
secured by the mortgage; and
(2) order the mortgaged premises, or as much of the mortgaged
premises as may be necessary to satisfy the mortgage and court
costs, to be sold first before the sale of other property of the
defendant.
The judgment is satisfied by the payment of the mortgage debt, with
interest and costs, at any time before sale. As added by P.L.2-2002, SEC.15.
IC 32-30-10-6 Satisfaction of judgment; recording; recorder's fee
Sec. 6. Upon:
(1) the foreclosure of a recorded mortgage in a court of any
county having jurisdiction in Indiana; and
(2) the payment and satisfaction of the judgment as may be
rendered in the foreclosure proceeding;
the prevailing party shall immediately after satisfaction of the
judgment record the satisfaction of the mortgage on the records of
the recorder's office of the county where the property is located. The
record in foreclosure and satisfaction must show that the whole debt,
secured by the mortgage, has been paid. The recorder must be paid
a fee of not more than the amount specified in IC 36-2-7-10(b)(1) and
IC 36-2-7-10(b)(2) in each case of foreclosure requiring satisfaction. As added by P.L.2-2002, SEC.15.
IC 32-30-10-7 Balance due and costs that remain unsatisfied levied on any
property of debtor
Sec. 7. If there is an express written agreement for the payment of
the sum of money that is secured by a mortgage or a separate
instrument, the court shall direct in the order of sale that the balance
due on the mortgage and costs that may remain unsatisfied after the
sale of the mortgaged premises be levied on any property of the
mortgage-debtor. As added by P.L.2-2002, SEC.15.
IC 32-30-10-8 Order of sale; certification; sheriff's sale; sale of remaining
property to pay unsatisfied judgment, interest, and costs
Sec. 8. (a) The copy of the court's order of sale and judgment shall
be issued and certified by the clerk under the seal of the court to the
sheriff.
(b) After receiving the order under subsection (a), the sheriff shall
proceed to sell the mortgaged premises, or as much of the mortgaged
premises as is necessary to satisfy the judgment, interest, and costs.
If any part of the judgment, interest, and costs remain unsatisfied
after the sale of the mortgaged premises, the sheriff shall proceed to
sell the remaining property of the defendant. If the mortgaged
property is located in more than one (1) county, a common
description of the property, the sale of the property, and the location
of the sale must be advertised in each county where the property is
located. As added by P.L.2-2002, SEC.15.
IC 32-30-10-9 Manner of sale; use of auctioneer; auctioneer's fee
Sec. 9. (a) A sheriff shall sell property on foreclosure in a manner
that is reasonably likely to bring the highest net proceeds from the
sale after deducting the expenses of the offer and sale.
(b) Upon prior petition of the debtor or a creditor involved in the
foreclosure proceedings, the court in its order of foreclosure shall
order the property sold by the sheriff through the services of the
auctioneer requested by the petitioner and approved by the court if:
(1) the court determines that a sale is economically feasible; or
(2) all the creditors in the proceedings agree to both that method
of sale and the compensation to be paid the auctioneer.
(c) The sheriff shall engage the auctioneer not later than fourteen
(14) calendar days after the date of the order entered by the court
under subsection (b). The auctioneer shall schedule the auction and
conduct the auctioneer's activities as appropriate to bring the highest
bid for the property on foreclosure. The advertising conducted by the
auctioneer is in addition to any other notice required by law.
(d) The auctioneer's fee must be a reasonable amount stated in the
court's order. However, if the sale by use of an auctioneer has not
been agreed to by the creditors in the proceedings and the sale price
is less than the amount of the judgment and the costs and expenses
necessary to the satisfaction of the judgment, the auctioneer is
entitled only to the auctioneer's advertising expenses plus one
hundred dollars ($100). The amount due to the auctioneer on account
of the auctioneer's expenses and fee, if any, must be paid as a cost of
the sale from the proceeds before the payment of any other payment. As added by P.L.2-2002, SEC.15. Amended by P.L.167-2005, SEC.2.
IC 32-30-10-10 Mutually exclusive actions
Sec. 10. A plaintiff may not:
(1) proceed to foreclose the mortgagee's mortgage:
(A) while the plaintiff is prosecuting any other action for the
same debt or matter that is secured by the mortgage;
(B) while the plaintiff is seeking to obtain execution of any
judgment in any other action; or
(C) until the notice under IC 32-30-10.5-8(a) has been sent,
if required, in the case of a mortgage transaction described
in IC 32-30-10.5-5; or
(2) prosecute any other action for the same matter while the
plaintiff is foreclosing the mortgagee's mortgage or prosecuting
a judgment of foreclosure. As added by P.L.2-2002, SEC.15. Amended by P.L.105-2009,
SEC.19.
IC 32-30-10-11 Payment of principal, interest, and costs before final judgment;
dismissal; payment after final judgment; stay
Sec. 11. (a) If:
(1) a complaint is filed for the foreclosure of a mortgage;
(2) any interest or installment of the principal is due, but no
other installments are due; and
(3) the defendant pays the court the principal and interest due,
with costs, at any time before final judgment;
the complaint must be dismissed.
(b) If the defendant pays the court the principal and interest due
after the final judgment, the proceedings on the final judgment must
be stayed. However, the stay may be removed upon a subsequent
default in the payment of any installment of the principal or interest
after the payment is due.
(c) In the final judgment, the court shall direct at what time and
upon what default any subsequent execution shall issue. As added by P.L.2-2002, SEC.15.
IC 32-30-10-12 Sale of property in parcels
Sec. 12. (a) In cases under this chapter, the court shall ascertain
whether the property can be sold in parcels. If the property can be
sold in parcels without injury to the interest of the parties, the court
shall direct that only as much of the premises be sold as will be
sufficient to pay the amount due on the mortgage, with costs, and the
judgment shall remain and be enforced upon any subsequent default,
unless the amount due is paid before execution of the judgment is
completed.
(b) If the mortgaged premises cannot be sold in parcels, the court
shall order the whole mortgaged premises to be sold. As added by P.L.2-2002, SEC.15.
IC 32-30-10-13 Endorsement of an execution issued on a judgment
Sec. 13. If an execution is issued on a judgment recovered for a
debt secured by mortgage of real property, the plaintiff shall endorse
on the execution a brief description of the mortgaged premises.
However, the equity of redemption may not be sold on the execution
of judgment. As added by P.L.2-2002, SEC.15.
IC 32-30-10-14 Application of proceeds of sale; disposition of excess proceeds
Sec. 14. The proceeds of a sale described in IC 32-29-7 or section
8 or 12(b) of this chapter must be applied in the following order:
(1) Expenses of the offer and sale, including expenses incurred
under IC 32-29-7-4 or section 9 of this chapter (or
IC 34-1-53-6.5 or IC 32-15-6-6.5 before their repeal).
(2) The payment of the principal due, interest, and costs not
described in subdivision (1).
(3) The residue secured by the mortgage and not due.
(4) If the residue referred to in subdivision (3) does not bear
interest, a deduction must be made by discounting the legal
interest.
In all cases in which the proceeds of sale exceed the amounts
described in subdivisions (1) through (4), the surplus must be paid to
the clerk of the court to be transferred, as the court directs, to the
mortgage debtor, mortgage debtor's heirs, or other persons assigned
by the mortgage debtor. As added by P.L.2-2002, SEC.15. Amended by P.L.88-2009, SEC.3;
P.L.182-2009(ss), SEC.390; P.L.73-2010, SEC.9.
IC 32-30-10
Chapter 10. Mortgage Foreclosure Actions
IC 32-30-10-1 "Auctioneer" defined
Sec. 1. As used in this chapter, "auctioneer" means an auctioneer
licensed under IC 25-6.1. As added by P.L.2-2002, SEC.15.
IC 32-30-10-2 "Economically feasible"; required findings
Sec. 2. For purposes of section 9 of this chapter, the sale of a
property through the services of an auctioneer is "economically
feasible" if the court determines that:
(1) a reasonable probability exists that, with the use of the
services of an auctioneer, a valid and enforceable bid will be
made at a foreclosure for a sale price equal to or greater than
the amount of the judgment and the costs and expenses
necessary to its satisfaction, including the costs of the
auctioneer; and
(2) the reasonable probability would not exist without the use
of an auctioneer. As added by P.L.2-2002, SEC.15.
IC 32-30-10-3 Mortgagee's right to foreclose if mortgagor defaults; venue
Sec. 3. (a) Subject to IC 32-30-10.5 with respect to mortgage
transactions described in IC 32-30-10.5-5, if a mortgagor defaults in
the performance of any condition contained in a mortgage, the
mortgagee or the mortgagee's assigns may proceed in the circuit
court of the county where the real estate is located to foreclose the
equity of redemption contained in the mortgage.
(b) If the real estate is located in more than one (1) county, the
circuit court of any county in which the real estate is located has
jurisdiction for an action for the foreclosure of the equity of
redemption contained in the mortgage. As added by P.L.2-2002, SEC.15. Amended by P.L.105-2009,
SEC.18.
IC 32-30-10-4 Remedy
Sec. 4. If there is not an express agreement in the mortgage or a
separate instrument for the payment of the sum secured by the
mortgage, the remedy of the mortgagee is confined to the property
mortgaged. As added by P.L.2-2002, SEC.15.
IC 32-30-10-5 Judgment of foreclosure; personal judgment; sale of property
Sec. 5. In rendering judgment of foreclosure, the courts shall:
(1) give personal judgment against any party to the suit liable
upon any agreement for the payment of any sum of money
secured by the mortgage; and
(2) order the mortgaged premises, or as much of the mortgaged
premises as may be necessary to satisfy the mortgage and court
costs, to be sold first before the sale of other property of the
defendant.
The judgment is satisfied by the payment of the mortgage debt, with
interest and costs, at any time before sale. As added by P.L.2-2002, SEC.15.
IC 32-30-10-6 Satisfaction of judgment; recording; recorder's fee
Sec. 6. Upon:
(1) the foreclosure of a recorded mortgage in a court of any
county having jurisdiction in Indiana; and
(2) the payment and satisfaction of the judgment as may be
rendered in the foreclosure proceeding;
the prevailing party shall immediately after satisfaction of the
judgment record the satisfaction of the mortgage on the records of
the recorder's office of the county where the property is located. The
record in foreclosure and satisfaction must show that the whole debt,
secured by the mortgage, has been paid. The recorder must be paid
a fee of not more than the amount specified in IC 36-2-7-10(b)(1) and
IC 36-2-7-10(b)(2) in each case of foreclosure requiring satisfaction. As added by P.L.2-2002, SEC.15.
IC 32-30-10-7 Balance due and costs that remain unsatisfied levied on any
property of debtor
Sec. 7. If there is an express written agreement for the payment of
the sum of money that is secured by a mortgage or a separate
instrument, the court shall direct in the order of sale that the balance
due on the mortgage and costs that may remain unsatisfied after the
sale of the mortgaged premises be levied on any property of the
mortgage-debtor. As added by P.L.2-2002, SEC.15.
IC 32-30-10-8 Order of sale; certification; sheriff's sale; sale of remaining
property to pay unsatisfied judgment, interest, and costs
Sec. 8. (a) The copy of the court's order of sale and judgment shall
be issued and certified by the clerk under the seal of the court to the
sheriff.
(b) After receiving the order under subsection (a), the sheriff shall
proceed to sell the mortgaged premises, or as much of the mortgaged
premises as is necessary to satisfy the judgment, interest, and costs.
If any part of the judgment, interest, and costs remain unsatisfied
after the sale of the mortgaged premises, the sheriff shall proceed to
sell the remaining property of the defendant. If the mortgaged
property is located in more than one (1) county, a common
description of the property, the sale of the property, and the location
of the sale must be advertised in each county where the property is
located. As added by P.L.2-2002, SEC.15.
IC 32-30-10-9 Manner of sale; use of auctioneer; auctioneer's fee
Sec. 9. (a) A sheriff shall sell property on foreclosure in a manner
that is reasonably likely to bring the highest net proceeds from the
sale after deducting the expenses of the offer and sale.
(b) Upon prior petition of the debtor or a creditor involved in the
foreclosure proceedings, the court in its order of foreclosure shall
order the property sold by the sheriff through the services of the
auctioneer requested by the petitioner and approved by the court if:
(1) the court determines that a sale is economically feasible; or
(2) all the creditors in the proceedings agree to both that method
of sale and the compensation to be paid the auctioneer.
(c) The sheriff shall engage the auctioneer not later than fourteen
(14) calendar days after the date of the order entered by the court
under subsection (b). The auctioneer shall schedule the auction and
conduct the auctioneer's activities as appropriate to bring the highest
bid for the property on foreclosure. The advertising conducted by the
auctioneer is in addition to any other notice required by law.
(d) The auctioneer's fee must be a reasonable amount stated in the
court's order. However, if the sale by use of an auctioneer has not
been agreed to by the creditors in the proceedings and the sale price
is less than the amount of the judgment and the costs and expenses
necessary to the satisfaction of the judgment, the auctioneer is
entitled only to the auctioneer's advertising expenses plus one
hundred dollars ($100). The amount due to the auctioneer on account
of the auctioneer's expenses and fee, if any, must be paid as a cost of
the sale from the proceeds before the payment of any other payment. As added by P.L.2-2002, SEC.15. Amended by P.L.167-2005, SEC.2.
IC 32-30-10-10 Mutually exclusive actions
Sec. 10. A plaintiff may not:
(1) proceed to foreclose the mortgagee's mortgage:
(A) while the plaintiff is prosecuting any other action for the
same debt or matter that is secured by the mortgage;
(B) while the plaintiff is seeking to obtain execution of any
judgment in any other action; or
(C) until the notice under IC 32-30-10.5-8(a) has been sent,
if required, in the case of a mortgage transaction described
in IC 32-30-10.5-5; or
(2) prosecute any other action for the same matter while the
plaintiff is foreclosing the mortgagee's mortgage or prosecuting
a judgment of foreclosure. As added by P.L.2-2002, SEC.15. Amended by P.L.105-2009,
SEC.19.
IC 32-30-10-11 Payment of principal, interest, and costs before final judgment;
dismissal; payment after final judgment; stay
Sec. 11. (a) If:
(1) a complaint is filed for the foreclosure of a mortgage;
(2) any interest or installment of the principal is due, but no
other installments are due; and
(3) the defendant pays the court the principal and interest due,
with costs, at any time before final judgment;
the complaint must be dismissed.
(b) If the defendant pays the court the principal and interest due
after the final judgment, the proceedings on the final judgment must
be stayed. However, the stay may be removed upon a subsequent
default in the payment of any installment of the principal or interest
after the payment is due.
(c) In the final judgment, the court shall direct at what time and
upon what default any subsequent execution shall issue. As added by P.L.2-2002, SEC.15.
IC 32-30-10-12 Sale of property in parcels
Sec. 12. (a) In cases under this chapter, the court shall ascertain
whether the property can be sold in parcels. If the property can be
sold in parcels without injury to the interest of the parties, the court
shall direct that only as much of the premises be sold as will be
sufficient to pay the amount due on the mortgage, with costs, and the
judgment shall remain and be enforced upon any subsequent default,
unless the amount due is paid before execution of the judgment is
completed.
(b) If the mortgaged premises cannot be sold in parcels, the court
shall order the whole mortgaged premises to be sold. As added by P.L.2-2002, SEC.15.
IC 32-30-10-13 Endorsement of an execution issued on a judgment
Sec. 13. If an execution is issued on a judgment recovered for a
debt secured by mortgage of real property, the plaintiff shall endorse
on the execution a brief description of the mortgaged premises.
However, the equity of redemption may not be sold on the execution
of judgment. As added by P.L.2-2002, SEC.15.
IC 32-30-10-14 Application of proceeds of sale; disposition of excess proceeds
Sec. 14. The proceeds of a sale described in IC 32-29-7 or section
8 or 12(b) of this chapter must be applied in the following order:
(1) Expenses of the offer and sale, including expenses incurred
under IC 32-29-7-4 or section 9 of this chapter (or
IC 34-1-53-6.5 or IC 32-15-6-6.5 before their repeal).
(2) The payment of the principal due, interest, and costs not
described in subdivision (1).
(3) The residue secured by the mortgage and not due.
(4) If the residue referred to in subdivision (3) does not bear
interest, a deduction must be made by discounting the legal
interest.
In all cases in which the proceeds of sale exceed the amounts
described in subdivisions (1) through (4), the surplus must be paid to
the clerk of the court to be transferred, as the court directs, to the
mortgage debtor, mortgage debtor's heirs, or other persons assigned
by the mortgage debtor. As added by P.L.2-2002, SEC.15. Amended by P.L.88-2009, SEC.3;
P.L.182-2009(ss), SEC.390; P.L.73-2010, SEC.9.
