§ 32-25-5-1 — First conveyance; satisfaction of liens

(a) At the time of the first conveyance of each
condominium unit:
(1) every mortgage and other lien affecting the condominium unit,
including the unit's percentage of undivided interest in the
common areas and facilities, must be paid and satisfied of record;
or
(2) the condominium unit being conveyed and the unit's
percentage of undivided interest in the common areas and
facilities must be released from the mortgage or other lien by
partial release.
(b) A partial release under subsection (a)(2) must be recorded.
[Pre-2002 Recodification Citation: 32-1-6-16.]

Legislative History

As added by P.L.2-2002, SEC.10.