§ 4-11-1-4 — Mortgage sales; state bidding in property; surplus sale proceeds

In all cases where the mortgagor is considered
of doubtful solvency, and the property, when offered for sale, will not
bring the amount due on the mortgage, the state may bid in the property
for what the same may be considered worth, and hold the mortgagor
liable upon the mortgagor's bond for the deficiency. If the state
subsequently sells any land that was bid in for more than the amount of
principal, interest, damages, and costs due from the mortgagor or
mortgagors, the mortgagor or mortgagors shall be entitled to the
surplus.
Formerly: Acts 1855, c.54, s.4. As amended by P.L.215-2016,
SEC.70.