Indiana § 34-24-1-5 Determination of secured interest and appraised value; disposition of
property; payment

Indiana Statutes

§ 34-24-1-5 — Determination of secured interest and appraised value; disposition of property; payment

Indiana·Title 34 CIVIL LAW AND PROCEDURE·Art. 24 CIVIL PROCEEDINGS RELATED TO CRIMINAL·Ch. 1 Forfeiture of Property Used in Violation of Certain

(a)If:

(1)the court has entered judgment in favor of the state, and a unit (if appropriate) concerning property that is subject to seizure under this chapter; and

(2)a person:

(A)holding a valid lien, mortgage, security interest, or interest under a conditional sales contract; or

(B)who is a co-owner of the property; did not know of the illegal use; the court shall determine whether the secured interest or the co-owner's interest is equal to or in excess of the appraised value of the property.

(b)Appraised value is to be determined as of the date of judgment on a wholesale basis by:

(1)agreement between the secured party or the co-owner and the prosecuting attorney; or

(2)the county assessor for the county in which the action is brought.

(c)If the amount:

(1)due to the secured pa

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(a) If:
(1) the court has entered judgment in favor of the state, and a unit
(if appropriate) concerning property that is subject to seizure
under this chapter; and
(2) a person:
(A) holding a valid lien, mortgage, security interest, or interest
under a conditional sales contract; or
(B) who is a co-owner of the property;
did not know of the illegal use;
the court shall determine whether the secured interest or the co-owner's
interest is equal to or in excess of the appraised value of the property.
(b) Appraised value is to be determined as of the date of judgment
on a wholesale basis by:
(1) agreement between the secured party or the co-owner and the
prosecuting attorney; or
(2) the county assessor for the county in which the action is
brought.
(c) If the amount:
(1) due to the secured party; or
(2) of the co-owner's interest;
is equal to or greater than the appraised value of the property, the court
shall order the property released to the secured party or the co-owner.
(d) If the amount:
(1) due the secured party; or
(2) of the co-owner's interest;
is less than the appraised value of the property, the holder of the
interest or the co-owner may pay into the court an amount equal to the
owner's equity, which shall be the difference between the appraised
value and the amount of the lien, mortgage, security interest, interest
under a conditional sales contract, or co-owner's interest. Upon such
payment, the state or unit, or both, shall relinquish all claims to the
property, and the court shall order the payment deposited as provided
in section 4(d) of this chapter.
(e) If the seized property is a vehicle and if the security holder or the
co-owner elects not to make payment as stated in subsection (d), the
vehicle shall be disposed of in accordance with section 4(c) of this
chapter.
[Pre-1998 Recodification Citation: 34-4-30.1-5.]

Indiana § 34-24-1-5 (Determination of secured interest and appraised value; disposition of property; payment) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.