Sec. 43. (a) Failure to pay an installment of principal or interest when the installment is due makes all installments of principal yet unpaid due and payable immediately, unless the unpaid installment of principal or interest is paid within the grace period provided.

(b) If the unit fails to collect an unpaid assessment or installment when due, liability does not accrue against the unit. However, the owner of the bonds or the person to whom the amount of the unpaid assessment for the performance of the work is due and owing is entitled to proceed in court to do the following:

(1) Enforce the lien or the unpaid assessment.

(2) Recover interest, costs, and reasonable attorney's fees.

(3) Have the proceeds of sale applied to the owner's or person's claim.

(c) If a person defaults in the payment of an installment of principal or interest, the disbursing officer shall mail a notice of the delinquency to the person in accordance with IC 36-9-37 regardless of whether a waiver has been signed. A notice mailed to the person in whose name the lands are assessed, addressed to the person within the unit, is sufficient notice. The person is not liable for attorney's fees unless an action is actually brought on the assessment.

(d) An action to collect an unpaid assessment may not be brought until the notice required by subsection (c) has been given.

(e) An action for foreclosure must be commenced not more than five (5) years after the cause of action accrues.

As added by P.L.98-1993, SEC.7.