Introduced Version






SENATE BILL No. 295

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 32-21-4-3.

Synopsis: Instruments of defeasance. Requires certain instruments of defeasance concerning the conveyance of an estate in land, except deeds of defeasance or bonds, to: (1) be in a form required by the deed; (2) contain an accurate legal description of the estate in land; (3) be dated; (4) have been acknowledged before a notary public; (5) have been made for consideration; and (6) be recorded within 90 days after the date of the deed.

Effective: July 1, 2005.





Steele




    January 6, 2005, read first time and referred to Committee on Judiciary.







Introduced

First Regular Session 114th General Assembly (2005)


PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana Constitution) is being amended, the text of the existing provision will appear in this style type, additions will appear in this style type, and deletions will appear in this style type.
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SENATE BILL No. 295



    A BILL FOR AN ACT to amend the Indiana Code concerning property.

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

SOURCE: IC 32-21-4-3; (05)IN0295.1.1. -->     SECTION 1. IC 32-21-4-3 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2005]: Sec. 3. (a) This section applies when a deed:
        (1) purports to contain an absolute conveyance of any estate in land; and
        (2) is made or intended to be made defeasible by:
            (A) a deed of defeasance;
            (B) a bond; or
            (C) another instrument.
    (b) The original conveyance is not defeated or affected against any person other than (1) the maker of the defeasance, (2) the heirs or devisees of the maker of the defeasance, or (3) persons having actual notice of the defeasance unless the instrument of defeasance is:
         (1) a deed of defeasance or bond that is recorded in the manner provided by law within ninety (90) days after the date of the deed; or
        (2) another instrument that:
            (A) is in a form required by the deed;
            (B) contains an accurate legal description of the estate in land;
            (C) is dated;
            (D) has been acknowledged before a notary public;
            (E) has been made for consideration; and

             (F) is recorded in the manner provided by law within ninety (90) days after the date of the deed.