Introduced Version






HOUSE BILL No. 1229

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DIGEST OF INTRODUCED BILL



Citations Affected: IC 32-30-10-5.

Synopsis: Transfer of title upon mortgage default. Requires a court, in rendering a judgment of foreclosure with respect to mortgaged real property, to order the county recorder to change the title to the mortgaged property to reflect the name of the mortgagee.

Effective: July 1, 2006.





Day




    January 10, 2006, read first time and referred to Committee on Judiciary.







Introduced

Second Regular Session 114th General Assembly (2006)


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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Conflict reconciliation: Text in a statute in this style type or this style type reconciles conflicts between statutes enacted by the 2005 Regular Session of the General Assembly.

HOUSE BILL No. 1229



    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 32-30-10-5; (06)IN1229.1.1. -->     SECTION 1. IC 32-30-10-5 IS AMENDED TO READ AS FOLLOWS [EFFECTIVE JULY 1, 2006]: 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; and
        (3) in the case of a judgment of foreclosure entered after June 30, 2006, order the county recorder of the county in which title to the mortgaged premises is recorded to change the record owner of the fee simple title to reflect the name of the mortgagee.

The judgment is satisfied by the payment of the mortgage debt, with interest and costs, at any time before sale.