CHAPTER 2. RELEASE OF CERTAIN MORTGAGES TO STATE OR STATE TRUST FUNDS
IC 4-11-2
Chapter 2. Release of Certain Mortgages to State or State Trust
Funds
IC 4-11-2-1
Loans of state funds; release of mortgages; evidence of payment
Sec. 1. In all cases where lands in this state have been mortgaged
to the state of Indiana, or to trustees or to custodians of the funds
hereinafter named, or to the officers having had control and
management thereof, prior to January 1, 1900, to secure the loans of
the Indianapolis funds, the bank tax fund, the treasury fund, the
congressional fund, the saline fund, the sinking fund, the state
surplus revenue fund, the county surplus fund, the state university
fund, the college fund, the seminary fund, the permanent endowment
fund and all other state trust funds of this state, except the common
school fund, and such loans have been paid and not released, or not
legally and properly released of record, or, having been released,
such releases have been lost before being recorded in the proper
recorder's office, the auditor of state of the state of Indiana is hereby
authorized and directed to execute a release of such mortgage under
his hand and the seal of his office.
In case evidence of the payment of such mortgage debts appear in
the records in the office of said auditor of state, or in the office of the
treasurer of state, then such release of such mortgage shall be
executed without further proof, but if not, then the said auditor of
state shall require documentary evidence and affidavits or other
proof to be filed in his office which shall establish to his satisfaction
the fact of full payment of said mortgage debt, thereupon he shall
release such mortgage.
(Formerly: Acts 1919, c.28, s.1.)
IC 4-11-2-2
School fund mortgages; examination of records
Sec. 2. (a) Because there exists in recorder's offices in various
counties a large number of school fund mortgages that:
(1) appear unsatisfied of record; and
(2) have been paid;
the county auditor of any county where the mortgaged lands are
situated, when requested by the mortgagor or owner of the mortgaged
lands, shall examine the ledgers or other records of the county
auditor's office and compare the records with the receipts of money
for school fund mortgages in the treasurer's office of the county.
(b) If, upon the examination and comparison, and according to all
facts that are known to the county auditor, or that come to the county
auditor's knowledge, the county auditor finds that a mortgage in the
recorder's office of the county that appears unsatisfied of record has
been paid, the county auditor shall make an entry of satisfaction upon
the margin of the record in the recorder's office, showing the
mortgage as paid.
(c) The mortgagor or owner of the lands shall pay to the county
auditor a fee of twenty-five cents ($0.25) for services provided under
this section. The mortgagor or owner shall also pay to the recorder
the county recorder's fee provided for releasing mortgages.
As added by P.L.2-2006, SEC.4.
IC 4-11-2-3
School fund mortgages; counties; settlement of claim
Sec. 3. 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 fund 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.
As added by P.L.2-2006, SEC.5.