§ 4-11-2-3 — School fund mortgages; counties; settlement of claim

If:
(1) a person has purchased and been granted a deed of
conveyance to any lands sold for delinquent taxes by the county
treasurer of any county;
(2) at the time when the lands were sold, there was an unpaid
school loan, secured by mortgage, on the lands, and the mortgage
was foreclosed by the county after the sale; and
(3) through the foreclosure proceedings, the county acquired title
to the lands;
the board of commissioners of the county in which the lands are
situated may pay to the person who holds the tax deed to the lands any
sum that may be agreed upon, not exceeding the amount that the
purchaser paid for the lands at the tax sale, together with an amount
equal to any taxes that the purchaser of the lands paid, not including
any interest, on the condition that the holder of the tax deed to the lands
execute to the board of commissioners of the county a quitclaim deed
to the lands. All expenditures authorized under this section shall be
paid out of the county general fund without any appropriation being
made for the expenditure.
[Pre-2006 Education Finance Recodification Citation:
21-1-27-1.]

Legislative History

As added by P.L.2-2006, SEC.5. Amended by P.L.238-2019, SEC.1.