Sec. 14. The proceeds of a sale described in IC 32-29-7 or section 8 or 12(b) of this chapter must be applied in the following order:
(1) Expenses of the offer and sale, including expenses incurred under IC 32-29-7-4 or section 9 of this chapter (or IC 34-1-53-6.5 or IC 32-15-6-6.5 before their repeal).
(2) The payment of the principal due, interest, and costs not described in subdivision (1).
(3) The residue secured by the mortgage and not due.
(4) If the residue referred to in subdivision (3) does not bear interest, a deduction must be made by discounting the legal interest.
In all cases in which the proceeds of sale exceed the amounts described in subdivisions (1) through (4), the surplus must be paid to the clerk of the court to be transferred, as the court directs, to the mortgage debtor, mortgage debtor's heirs, or other persons assigned by the mortgage debtor.
[Pre-2002 Recodification Citation: 32-15-6-12.]
As added by P.L.2-2002, SEC.15. Amended by P.L.88-2009, SEC.3; P.L.182-2009(ss), SEC.390; P.L.73-2010, SEC.9.
Structure Indiana Code
Article 30. Causes of Action Concerning Real Property
Chapter 10. Mortgage Foreclosure Actions
32-30-10-0.2. Application of Certain Amendments to Prior Law
32-30-10-1. "Auctioneer" Defined
32-30-10-2. "Economically Feasible"; Required Findings
32-30-10-3. Mortgagee's Right to Foreclose if Mortgagor Defaults; Venue
32-30-10-5. Judgment of Foreclosure; Personal Judgment; Sale of Property
32-30-10-6. Satisfaction of Judgment; Recording; Recorder's Fee
32-30-10-7. Balance Due and Costs That Remain Unsatisfied Levied on Any Property of Debtor
32-30-10-9. Manner of Sale; Use of Auctioneer; Auctioneer's Fee
32-30-10-10. Mutually Exclusive Actions
32-30-10-12. Sale of Property in Parcels
32-30-10-13. Endorsement of an Execution Issued on a Judgment
32-30-10-14. Application of Proceeds of Sale; Disposition of Excess Proceeds