§ 32-29-1-11 — Rents and profits from real property; enforcement of assignment, mortgage, or pledge; rights not affected; equitable subrogation

Indiana § 32-29-1-11

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

Text

(a) This chapter does not limit:
(1) the right to assign, mortgage, or pledge the rents and profits
arising from real estate;
(2) the right of an assignee, a mortgagee, or a pledgee to collect
rents and profits for application in accordance with an
assignment, a mortgage, or a pledge; or
(3) the power of a court of equity to appoint a receiver to take
charge of real estate to collect rents and profits for application in
accordance with an assignment, a mortgage, or a pledge.
(b) A person may enforce an assignment, a mortgage, or a pledge of
rents and profits arising from real property:
(1) whether the person has or does not have possession of the real
estate; and
(2) regardless of the:
(A) adequacy of the security; or
(B) solvency of the assignor, mortgagor, or pledgor.
(c) If a person:
(1) enforces an assignment, a mortgage, or a pledge of rents and
profits arising from real estate; and
(2) does not have possession of the real estate;
the obligations of a mortgagee in possession of real estate may not be
imposed on the holder of the assignment, mortgage, or pledge.
(d) Except for those instances involving liens defined in IC 32-28-3-1, a mortgagee seeking equitable subrogation with respect to
a lien may not be denied equitable subrogation solely because:
(1) the mortgagee:
(A) is engaged in the business of lending; and
(B) had constructive notice of the intervening lien over which
the mortgagee seeks to assert priority;
(2) the lien for which the mortgagee seeks to be subrogated was
released; or
(3) the mortgagee obtained a title insurance policy.
(e) Subsection (d) does not apply to a municipal sewer lien under IC 36-9-23 or a mechanic's lien under IC 32-28-3-1.
[Pre-2002 Recodification Citation: 32-8-11-10.]

Legislative History

As added by P.L.2-2002, SEC.14. Amended by P.L.122-2003, SEC.1; P.L.151-2003, SEC.2; P.L.2-2005, SEC.86.