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Ind. Code § 32-18-2-13

Value; when given; default under mortgage, deed of trust, or security agreement

Known as the Indiana Uniform Voidable Transactions Act

The act spans §§ 32–32 (26 sections).

Applied in 3 court decisions — leading case Freeland v. Enodis Corp. (2008)

Most recently applied in Freeland v. Enodis Corp. (September 2008)

As added by P.L.2-2002, SEC.3

Sec. 13. (a) Value is given for a transfer or an obligation if, in exchange for the transfer or obligation, property is transferred or an antecedent debt is secured or satisfied. Value does not include an unperformed promise made otherwise than in the ordinary course of the promisor's business to furnish support to the debtor or another person.

(b) For purposes of sections 14(a)(2) and 15 of this chapter, a person gives a reasonably equivalent value if the person acquires an interest of the debtor in an asset through a regularly conducted, noncollusive foreclosure sale or execution of a power of sale for the acquisition or disposition of the interest of the debtor upon default under a mortgage, deed of trust, or security agreement.

Official source: Indiana General Assembly. Reproduced from public-domain Indiana statutes; confirm against the official source for the current text. Not legal advice.