§ 32-29-5-1 — Discharge and satisfaction of liens; requisites; recording

Indiana § 32-29-5-1

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 29: MORTGAGES
• Ch. 5: Release by Financial Institutions or Corporations

Text

(a) It is lawful for:
(1) the president, vice president, cashier, secretary, treasurer,
attorney in fact, or other authorized representative of a national
bank, state bank, trust company, or savings bank; or
(2) the president, vice president, general manager, secretary,
treasurer, attorney in fact, or other authorized representative of
any other corporation doing business in Indiana;
to release upon the record mortgages, judgments, and other record liens
upon the payment of the debts secured by the liens.
(b) A release, when made upon the margin or face of the record of
the mortgage, judgment, or other lien and attested by the recorder,
clerk, or other officer having custody of the record of the lien, is a full
discharge and satisfaction of the lien.
(c) The recorder of each county may require that each release,
discharge, or satisfaction of a mortgage, judgment, or lien, or any
partial release of any of these, be recorded on a separate written
instrument. If a recorder requires the recording of each release,
discharge, or satisfaction on a separate written instrument, an
instrument presented for recordation in that county may not contain
more than one (1) release, discharge, or satisfaction. If a recorder
allows an instrument to contain more than one (1) release, discharge,
or satisfaction, the fee for recording that instrument is provided in IC 36-2-7-10(c)(4).
(d) Except as provided in subsection (e), a national bank, state bank,
trust company, savings bank, or other corporation may release and
discharge mortgages, judgments, or other record liens by a separate
written instrument signed by its:
(1) corporate name;
(2) president;
(3) vice president;
(4) cashier;
(5) secretary;
(6) treasurer;
(7) attorney-in-fact; or
(8) authorized representative.
A release under this subsection shall be recorded by the recorder, clerk,
or other officer having custody of the record of the lien, with a
reference on the margin of the record of the lien to the location where
the release is recorded. Upon recordation, the release is a full discharge
and satisfaction of the lien, or portion of the lien, as indicated in a
partial release.
(e) A release by the attorney-in-fact may not be recorded until a
written instrument specifically granting the attorney in fact the
authority to release and discharge mortgages, judgments, or other
record liens has been filed and recorded in the recorder's office of the
county where the release is to be recorded. The written instrument must
be in writing and signed and acknowledged by two (2) officers of the
national bank, state bank, trust company, savings bank, or other
corporation.
(f) A party may revoke the written instrument filed under subsection
(e) by:
(1) noting on the written instrument granting the attorney in fact
the authority to release mortgages and liens that this power has
been revoked; or
(2) filing and recording in the recorder's office of the county
where the written instrument described in subsection (e) of this
section was filed, a separate written instrument signed and
acknowledged by two (2) officers of the entity revoking the
attorney-in-fact's authority.
The written notice of revocation described in this subsection must be
attested by the recorder of the county in which the revocation is filed.
The party conferring the power described in subsection (e) is bound by
an act performed before written notice revoking the authority is
properly attested to and filed in the county recorder's office.
[Pre-2002 Recodification Citation: 32-8-15-1.]

Legislative History

As added by P.L.2-2002, SEC.14. Amended by P.L.127-2017, SEC.13.