§ 36-9-36-48 — Bond owners; foreclosure actions; procedure

Indiana § 36-9-36-48

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 36: Barrett Law Funding for Counties and Municipalities

Text

(a) Except as provided in subsection (b),
sales to satisfy the bonds and interest shall be made as provided in this
chapter for sales upon judgments or decrees foreclosing liens for
assessments levied for improvements.
(b) The first bondholder who brings a foreclosure action against the
property or any part of the property is entitled to have the proceeds of
the action applied pro rata to the payment of that bondholder's own
bonds and of bonds held by others.
(c) Only one (1) foreclosure action may be brought against one (1)
lot or parcel of land. However, all lots or parcels of land against which
the assessments are in default may be joined in one (1) proceeding.

Legislative History

As added by P.L.98-1993, SEC.7.