State Law Update: Indiana Amends Lien Release Provisions

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On April 1, Indiana enacted a bill to retroactively amend certain lien release provisions. The bill, HB 1079, provides that if the record of a mortgage or vendor’s lien was created before July 1, 2012 and does not show the due date of the last installment, the mortgage or vendor’s lien expires 20 years after the date of execution of the mortgage or vendor’s lien. If the execution date is omitted, the lien expires 20 years after the lien is recorded. Prior to this change, all liens expired after 10 years. The bill also (i) makes exceptions to the expiration period if a foreclosure action is brought not later than the expiration period, and (ii) removes language that prohibits a person from maintaining an action to foreclose a mortgage or enforce a vendor’s lien if the last installment of the debt secured by such lien has been due more than 10 years.

Topics:  Foreclosure, Liens, Mortgages, Vendors

Published In: General Business Updates, Finance & Banking Updates, Residential Real Estate Updates

DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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