§ 36-9-37-25 — Procedures to avoid a foreclosure action

Indiana § 36-9-37-25

• Jurisdiction: Indiana
• Title 36: LOCAL GOVERNMENT
• Art. 9: TRANSPORTATION AND PUBLIC WORKS
• Ch. 37: Barrett Law Funding for Municipalities

Text

(a) To avoid a foreclosure action on a special
assessment, a municipality may:
(1) defer collection of the assessment under section 22.5 of this
chapter; or
(2) accept a conveyance in satisfaction of the assessment from the
owner of the assessed property.
(b) If there are bondholders other than the municipality holding
bonds on the improvement for which the assessment was made, the
municipality may do any of the following:
(1) Join with the other bondholders in accepting a conveyance of
an undivided interest in the property.
(2) Cause a conveyance of the property to be made to a bank or
trust company in the municipality and held under a trust
agreement by the bank or trust company for the use and benefit of
the municipality and the other bondholders.
(c) A conveyance under this section may be accepted by the
municipality only if the head of the municipal legal department makes
a written recommendation to the city executive or town legislative body
that the conveyance be accepted.

Legislative History

As added by P.L.98-1993, SEC.8. Amended by P.L.45-2004, SEC.5.