Sec. 4. In all cases where the mortgagor is considered of doubtful solvency, and the property, when offered for sale, will not bring the amount due on the mortgage, the state may bid in the property for what the same may be considered worth, and hold the mortgagor liable upon the mortgagor's bond for the deficiency. If the state subsequently sells any land that was bid in for more than the amount of principal, interest, damages, and costs due from the mortgagor or mortgagors, the mortgagor or mortgagors shall be entitled to the surplus.
Formerly: Acts 1855, c.54, s.4. As amended by P.L.215-2016, SEC.70.
Structure Indiana Code
Title 4. State Offices and Administration
Article 11. Loans of State Funds and Mortgages to State
Chapter 1. Procedures for Collection of Loans
4-11-1-1. Loan Greater Than Amount Authorized by Law; Validity of Security
4-11-1-4. Mortgage Sales; State Bidding in Property; Surplus Sale Proceeds