Indiana § 36-9-36-60 Reduction of installments

Indiana Statutes

§ 36-9-36-60 — Reduction of installments

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

(a)A statement showing the amount of the reduction of the installments shall be certified to the disbursing officer if:

(1)the property is sold by the sheriff under this chapter and the money collected is insufficient to pay the principal and interest in full; or

(2)a court orders a reduction of principal and interest as assessed.

(b)Upon the receipt of the statement, the disbursing officer shall do the following:

(1)Calculate the reduction that applies to each installment.

(2)Enter on the bonds the amount of the reduction when the bonds are presented for payment.

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(a) A statement showing the amount of the
reduction of the installments shall be certified to the disbursing officer
if:
(1) the property is sold by the sheriff under this chapter and the
money collected is insufficient to pay the principal and interest in
full; or
(2) a court orders a reduction of principal and interest as assessed.
(b) Upon the receipt of the statement, the disbursing officer shall do
the following:
(1) Calculate the reduction that applies to each installment.
(2) Enter on the bonds the amount of the reduction when the
bonds are presented for payment.

Indiana § 36-9-36-60 (Reduction of installments) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.