Indiana § 21-7-14-12 Loans from fund; nonpayment; suit for collection

Indiana Statutes

§ 21-7-14-12 — Loans from fund; nonpayment; suit for collection

Indiana·Title 21 HIGHER EDUCATION·Art. 7 STATE UNIVERSITIES·Ch. 14 Indiana University Permanent Endowment Fund

Whenever:

(1)the state comptroller has made loans from the fund that were secured by a mortgage upon real property;

(2)the mortgaged premises are forfeited to the state for nonpayment of the amount due or are purchased for the state by the state comptroller for the benefit of the fund; and

(3)the mortgaged premises when sold fail to sell for a sum sufficient to satisfy the principal and interest of the loan and damages; the state comptroller shall bring suit on the note executed by the mortgagor for the deficiency, for which the maker is liable. If judgment is rendered on the suit, an appraisement of property is not allowed on the execution issued on the judgment. [Pre-2007 Higher Education Recodification Citation: 21-7-2-1 part.]

Free access — add to your briefcase to read the full text and ask questions with AI

Whenever:
(1) the state comptroller has made loans from the fund that were
secured by a mortgage upon real property;
(2) the mortgaged premises are forfeited to the state for
nonpayment of the amount due or are purchased for the state by
the state comptroller for the benefit of the fund; and
(3) the mortgaged premises when sold fail to sell for a sum
sufficient to satisfy the principal and interest of the loan and
damages;
the state comptroller shall bring suit on the note executed by the
mortgagor for the deficiency, for which the maker is liable. If judgment
is rendered on the suit, an appraisement of property is not allowed on
the execution issued on the judgment.
[Pre-2007 Higher Education Recodification Citation:
21-7-2-1 part.]

Indiana § 21-7-14-12 (Loans from fund; nonpayment; suit for collection) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.