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.
Formerly: Acts 1855, c.54, s.5. As amended by P.L.215-2016, SEC.71.
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