§ 23-14-65-16 — Execution of deed; requirements for deferred payment sales

Indiana § 23-14-65-16

• Jurisdiction: Indiana
• Title 23: BUSINESS AND OTHER ASSOCIATIONS
• Art. 14: CEMETERY ASSOCIATIONS
• Ch. 65: City and Town Cemeteries

Text

(a) In the case of cash sales of lots under
section 15 of this chapter, a deed to the property sold shall be executed
on behalf of the municipality by the cemetery board to the purchaser.
(b) The following requirements apply to sales of lots under section
15 of this chapter that are made on a deferred payment basis:
(1) The transaction shall be evidenced by a written contract of
sale executed by and between the board and the purchaser.
(2) Title to the lot shall be reserved in the municipality until the
purchase price is paid in full.
(3) If the purchaser dies before payment in full has been
completed, but after at least fifty percent (50%) of the purchase
price has been paid, the balance of the purchase price shall be
canceled and a deed for the property shall be executed by the
cemetery board on behalf of the municipality to the heirs of the
purchaser.

Legislative History

As added by P.L.52-1997, SEC.39.