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32-28-1-1. Debt or obligation paid

IN Code § 32-28-1-1 (2019) (N/A)
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Sec. 1. (a) This section applies to a person, a firm, a limited liability company, a corporation, a copartnership, an association, an administrator, an executor, a guardian, a trustee, or another person who is the owner, holder, or custodian of any mortgage, mechanic's lien, judgment, or other lien recorded in Indiana.

(b) When the debt or obligation and the interest on the debt or obligation that the mortgage, mechanic's lien, judgment, or other lien secures has been fully paid, lawfully tendered, and discharged, the owner, holder, or custodian shall:

(1) release;

(2) discharge; and

(3) satisfy of record;

the mortgage, mechanic's lien, judgment, or other lien.

(c) If the release, discharge, or satisfaction is a release, discharge, or satisfaction in part, the instrument must:

(1) state on its face that the instrument is a:

(A) partial release;

(B) partial discharge; or

(C) partial satisfaction; and

(2) describe what portion of the mortgage, mechanic's lien, judgment, or other lien is released, discharged, or satisfied.

[Pre-2002 Recodification Citation: 32-8-1-1.]

As added by P.L.2-2002, SEC.13.

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32-28-1-2. Forfeiture; commissioner to release and satisfy lien