§ 32-29-6-13 — Misstatement in written payoff statement

Indiana § 32-29-6-13

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 29: MORTGAGES
• Ch. 6: Mortgage Release by Title Insurance Companies

Text

A creditor or mortgage servicer may not
withhold the release of a mortgage if the written mortgage payoff
statement misstates the amount of the payoff and the written payoff is
relied upon in good faith by an independent closing agent without
knowledge of the misstatement. It is not a misstatement if the written
payoff statement is not accurate as a result of a change in
circumstances occurring after the issuance of the payoff statement. The
release of a mortgage does not affect the ability of the creditor or
mortgage servicer to collect the full amount owed without regard to a
misstatement in the written payoff statement and a release of the
mortgage.
[Pre-2002 Recodification Citation: 32-8-15.5-13.]

Legislative History

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