First Regular Session 113th General Assembly (2003)


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     HOUSE ENROLLED ACT No. 1365



     AN ACT to amend the Indiana Code concerning property.

Be it enacted by the General Assembly of the State of Indiana:

SOURCE: IC 32-29-1-11; (03)HE1365.1.1. -->     SECTION 1. IC 32-29-1-11, AS ADDED BY P.L.2-2002, SECTION 14, IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2003]: Sec. 11. (a) This chapter does not limit:
        (1) the right to assign, mortgage, or pledge the rents and profits arising from real estate;
        (2) the right of an assignee, a mortgagee, or a pledgee to collect rents and profits for application in accordance with an assignment, a mortgage, or a pledge; or
        (3) the power of a court of equity to appoint a receiver to take charge of real estate to collect rents and profits for application in accordance with an assignment, a mortgage, or a pledge.
    (b) A person may enforce an assignment, a mortgage, or a pledge of rents and profits arising from real property:
        (1) whether the person has or does not have possession of the real estate; and
        (2) regardless of the:
            (A) adequacy of the security; or
            (B) solvency of the assignor, mortgagor, or pledgor.
    (c) If a person:
        (1) enforces an assignment, a mortgage, or a pledge of rents and profits arising from real estate; and
        (2) does not have possession of the real estate;
the obligations of a mortgagee in possession of real estate may not be imposed on the holder of the assignment, mortgage, or pledge.
     (d) A mortgagee seeking equitable subrogation with respect to a lien may not be denied equitable subrogation solely because:
        (1) the mortgagee:
            (A) is engaged in the business of lending; and
            (B) had constructive notice of the intervening lien over which the mortgagee seeks to assert priority;
        (2) the lien for which the mortgagee seeks to be subrogated was released; or
        (3) the mortgagee obtained a title insurance policy.
    (e) Subsection (d) does not apply to a municipal sewer lien under IC 36-9-23 or a mechanic's lien under IC 32-28-3-1.


HEA 1365 _ Concur

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