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 § 21-7-14-12

Title 21HIGHER EDUCATION

Art. 7STATE UNIVERSITIES

Ch. 14Indiana University Permanent Endowment Fund

This text of Indiana § 21-7-14-12 (Loans from fund; nonpayment; suit for collection) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 21-7-14-12 (2026).

Text

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.]

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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.]