§ 32-29-1-10 — Obligations a mortgage may secure; future obligations and advances; future modifications, extensions, and renewals of indebtedness; priority of lien

Indiana § 32-29-1-10

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 29: MORTGAGES
• Ch. 1: Mortgage of Real Estate

Text

(a) In addition to any other obligation
secured by a mortgage, a mortgage may also secure:
(1) future obligations and advances up to the maximum amount
stated in the mortgage (whether made as an obligation, made at
the option of the lender, made after a reduction to a zero (0) or
other balance, or made otherwise) to the same extent as if the
future obligations and advances were made on the date of
execution of the mortgage; and
(2) future modifications, extensions, and renewals of any
indebtedness or obligations secured by the mortgage if and to the
extent that the mortgage states that the mortgage secures those
future advances, modifications, extensions, and renewals.
(b) The lien of a mortgage with respect to future advances,
modifications, extensions, and renewals referred to in subsection (a)
has the priority to which the mortgage otherwise would be entitled
under IC 32-21-4-1 without regard to the fact that the future advance,
modification, extension, or renewal may occur after the mortgage is
executed.
[Pre-2002 Recodification Citation: 32-8-11-9.]

Legislative History

As added by P.L.2-2002, SEC.14.