Ind. Code § 13-11-2-85.6
"Foreclosure"
Redline — January 1, 2018 → current.View current text →
Current — January 1, 2023
As of January 1, 2018
Sec. 85.6. "Foreclosure", for purposes of sections 148(e)(2), 150(c), and 151(e) of this chapter, means the acquisition of a vessel or facility for purposes of IC 13-25-4-8(c), an underground storage tank for purposes of IC 13-23-13, or a petroleum facility for purposes of IC 13-24-1 through any of the following:
Sec. 85.6. "Foreclosure", for purposes of sections 148(e)(2), 150(c), and 151(e) of this chapter, means the acquisition of a vessel or facility for purposes of IC 13-25-4-8(c), an underground storage tank or aboveground storage tank for purposes of IC 13-23-13, or a petroleum facility for purposes of IC 13-24-1 through any of the following:
(1) If the vessel or facility, underground storage tank, or petroleum facility was security for an extension of credit previously contracted: (A) purchase at sale under a judgment or decree, power of sale, or nonjudicial foreclosure; (B) a deed in lieu of foreclosure or a similar conveyance from a trustee; or (C) repossession.
(1) If the vessel or facility, underground storage tank or aboveground storage tank, or petroleum facility was security for an extension of credit previously contracted: (A) purchase at sale under a judgment or decree, power of sale, or nonjudicial foreclosure; (B) a deed in lieu of foreclosure or a similar conveyance from a trustee; or (C) repossession.
(2) Conveyance under an extension of credit previously contracted, including the termination of a lease agreement.
(2) Conveyance under an extension of credit previously contracted, including the termination of a lease agreement.
(3) Any other formal or informal manner by which the person acquires, for subsequent disposition, title to or possession of a vessel or facility, underground storage tank, or petroleum facility in order to protect the security interest of the person.
(3) Any other formal or informal manner by which the person acquires, for subsequent disposition, title to or possession of a vessel or facility, underground storage tank or aboveground storage tank, or petroleum facility in order to protect the security interest of the person.
Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.