§ 36-9-37-26 — Disposition of property acquired by foreclosure or conveyance; procedure

Indiana § 36-9-37-26

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

Text

(a) If a municipality acquires an undivided
interest in real property by foreclosure of a special assessment or by a
voluntary conveyance under section 25(a) of this chapter, the
municipality may dispose of the municipality's interest in the manner
prescribed by this section.
(b) The municipality must have the municipality's interest in the
property appraised by two (2) disinterested appraisers residing in the
municipality. After appraisal, the city executive or town legislative
body may sell the property interest for not less than the full appraised
value of the property interest. Before selling the property interest, the
city executive or the town legislative body must first provide notice of
the proposed sale by publication in accordance with IC 5-3-1.
(c) This subsection applies if the municipality sells the property by
acceptance of bids. A bid submitted by a trust (as defined in IC 30-4-1-1(a)) must identify all of the following:
(1) Each beneficiary of the trust.
(2) Each settlor empowered to revoke or modify the trust.
(d) A conveyance under this section must be executed by the
municipal executive and attested by the municipal clerk.
(e) The municipality shall return all money received from sales
under this section to the fund for the use and benefit of which the
property interest is held. Any money in excess of the amount necessary
to provide full compensation to the fund for the obligations of the
person liable for the assessment shall be returned to that person.

Legislative History

As added by P.L.98-1993, SEC.8.