§ 32-30-10-14 — Application of proceeds of sale; disposition of excess proceeds

Indiana § 32-30-10-14

• Jurisdiction: Indiana
• Title 32: PROPERTY
• Art. 30: CAUSES OF ACTION CONCERNING REAL
• Ch. 10: Mortgage Foreclosure Actions

Text

The proceeds of a sale described in IC 32-29-7 or section 8 or 12(b) of this chapter must be applied in the
following order:
(1) Expenses of the offer and sale, including expenses incurred
under IC 32-29-7-4 or section 9 of this chapter (or IC 34-1-53-6.5
or IC 32-15-6-6.5 before their repeal).
(2) The payment of the principal due, interest, and costs not
described in subdivision (1).
(3) The residue secured by the mortgage and not due.
(4) If the residue referred to in subdivision (3) does not bear
interest, a deduction must be made by discounting the legal
interest.
In all cases in which the proceeds of sale exceed the amounts described
in subdivisions (1) through (4), the surplus must be paid to the clerk of
the court to be transferred, as the court directs, to the mortgage debtor,
mortgage debtor's heirs, or other persons assigned by the mortgage
debtor.
[Pre-2002 Recodification Citation: 32-15-6-12.]

Legislative History

As added by P.L.2-2002, SEC.15. Amended by P.L.88-2009, SEC.3; P.L.182-2009(ss), SEC.390; P.L.73-2010, SEC.9.