§ 32-29-7-7 — Redemption by owner before sheriff's sale

Indiana § 32-29-7-7

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 29: MORTGAGES
• Ch. 7: Foreclosure ─ Redemption, Sale, Right to Retain

Text

Before the sale under this chapter, any owner
or part owner of the real estate may redeem the real estate from the
judgment by payment to the:
(1) clerk before the issuance to the sheriff of the judgment and
decree; or
(2) sheriff after the issuance to the sheriff of the judgment and
decree;
of the amount of the judgment, interest, and costs for the payment or
satisfaction of which the sale was ordered. If the owner or part owner
redeems the real estate under this section, process for the sale of the
real estate under judgment may not be issued or executed, and the
officer receiving the redemption payment shall satisfy the judgment
and vacate order of sale. However, if the real estate is redeemed by a
part owner, the part owner shall have a lien on the shares of the other
owners for their respective shares of the redemption money, with
interest at the rate of eight percent (8%) per annum, plus the costs of
redemption. The lien shall be of the same force and effect as the
judgment lien redeemed by the part owner and shall be enforceable by
appropriate legal proceedings.
[Pre-2002 Recodification Citation: 32-8-16-3.]

Legislative History

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