February 25, 2005
SENATE BILL No. 295
_____
DIGEST OF SB 295
(Updated February 23, 2005 1:33 pm - DI 106)
Citations Affected: IC 32-21.
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.
January 6, 2005, read first time and referred to Committee on Judiciary.
February 24, 2005, reported favorably _ Do Pass.
February 25, 2005
First Regular Session 114th General Assembly (2005)
PRINTING CODE. Amendments: Whenever an existing statute (or a section of the Indiana
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Conflict reconciliation: Text in a statute in
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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)SB0295.1.1. -->
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.