Indiana § 34-24-2-5 Rights of secured party in property subject to forfeiture

Indiana Statutes

§ 34-24-2-5 — Rights of secured party in property subject to forfeiture

Indiana·Title 34 CIVIL LAW AND PROCEDURE·Art. 24 CIVIL PROCEEDINGS RELATED TO CRIMINAL·Ch. 2 Civil Remedies for Racketeering Activity

(a)If a person holding a valid lien, mortgage, security interest, or interest under a conditional sales contract did not know the property was the object of corrupt business influence or conduct described in section 2(b) of this chapter, the court shall determine whether the secured 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 and the prosecuting attorney; or

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

(c)If the amount due to the secured party is equal to or greater than the appraised value of the property, the court shall order the property released to the secured party.

(d)If the amount due the secur

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(a) If a person holding a valid lien, mortgage,
security interest, or interest under a conditional sales contract did not
know the property was the object of corrupt business influence or
conduct described in section 2(b) of this chapter, the court shall
determine whether the secured 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 and the prosecuting
attorney; or
(2) the county assessor for the county in which the action is
brought.
(c) If the amount due to the secured party is equal to or greater than
the appraised value of the property, the court shall order the property
released to the secured party.
(d) If the amount due the secured party is less than the appraised
value of the property, the holder of the interest 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, or interest under a conditional sales contract. Upon
payment, the state or unit, or both, shall relinquish all claims to the
property.
[Pre-1998 Recodification Citation: 34-4-30.5-4.5.]

Indiana § 34-24-2-5 (Rights of secured party in property subject to forfeiture) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.