HOUSE BILL No. 1151
DIGEST OF INTRODUCED BILL
Synopsis: Title insurance. Requires a title insurance company that
issues a title insurance policy to perform a title search in conjunction
with the issuance of the policy.
Effective: July 1, 2000.
January 10, 2000, read first time and referred to Committee on Judiciary.
Second Regular Session 111th General Assembly (2000)
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HOUSE BILL No. 1151
A BILL FOR AN ACT to amend the Indiana Code concerning
Be it enacted by the General Assembly of the State of Indiana:
SOURCE: IC 27-7-3-2; (00)IN1151.1.1. -->
IS AMENDED TO READ AS FOLLOWS
[EFFECTIVE JULY 1, 2000]: Sec. 2. As used in this chapter and
unless a different meaning appears from the context:
(a) The term "title insurance" means a contract of insurance against
loss or damage on account of encumbrances upon or defects in the title
to real estate.
(b) The term "company" shall mean and include any corporation,
domestic or foreign, to which this chapter is applicable.
(c) The term "department" shall mean the department of insurance
of the state of Indiana.
(d) The term "commissioner" shall mean the insurance
(e) "Public record" means a record established under state law
to provide constructive notice of matters affecting real estate to a
bona fide purchaser or lender for value who does not have actual
knowledge of matters affecting the real estate.
(f) "Title plant" means a privately maintained copy of a public
(g) "Title search" means a search and examination of:
(1) public records in the county in which real estate is located;
(2) a title plant;
to determine ownership of the real estate and encumbrances upon
or defects in the title to the real estate.
SOURCE: IC 27-7-3-21; (00)IN1151.1.2. -->
IS ADDED TO THE INDIANA CODE
AS A NEW
SECTION TO READ AS FOLLOWS [EFFECTIVE JULY
1, 2000]: Sec. 21. A company described in section 3 of this chapter
that issues a title insurance policy shall perform a title search for
the real estate in conjunction with the issuance of the policy.