Ind. Code § 4-11-1-5

Sec. 5. The laws limiting the amount to be loaned by the officers having charge of the funds shall not prevent substitutions, but the substitutions may be made by the borrower, or any third person by the person's consent where the officer having control of the fund believes the interest of the fund will not suffer. The mortgaged security shall, in no case, be diminished, but may be increased, if considered insufficient.