Sec. 1. If the mortgage records of a county in Indiana indicate that a mortgage has been executed to the state and:
(1) there is no evidence of indebtedness secured by the mortgage in the possession of the treasurer of state or state comptroller; and
(2) there is no evidence in the office of the state comptroller or treasurer of state that a loan secured by the mortgage was made;
the state comptroller may release and discharge the mortgage of record.