Indiana § 21-7-14-12 - Loans from fund; nonpayment; suit for collection
Full text of Indiana Indiana Code § 21-7-14-12 — Loans from fund; nonpayment; suit for collection, with citation guidance and answers to common questions.
§ 21-7-14-12. Loans from fund; nonpayment; suit for collection
Sec. 12. Whenever:
(1) the state comptroller has made loans from the fund that were secured by a mortgage upon real property;
(2) the mortgaged premises are forfeited to the state for nonpayment of the amount due or are purchased for the state by the state comptroller for the benefit of the fund; and
(3) the mortgaged premises when sold fail to sell for a sum sufficient to satisfy the principal and interest of the loan and damages;
the state comptroller shall bring suit on the note executed by the mortgagor for the deficiency, for which the maker is liable. If judgment is rendered on the suit, an appraisement of property is not allowed on the execution issued on the judgment.
[Pre-2007 Higher Education Recodification Citation: 21-7-2-1 part.]
As added by P.L.2-2007, SEC.244. Amended by P.L.9-2024, SEC.416.
IC 21-7-15Chapter 15. Purdue University: Endowment Fund
21-7-15-1"Fund" 21-7-15-2Treasurer of state to hold fund 21-7-15-3Controlling statutes for fund 21-7-15-4Fund investment 21-7-15-5Loans from fund
Source: official Indiana text · Last verified 2026-08-27
Frequently Asked Questions About Indiana § 21-7-14-12
What does Indiana Code § 21-7-14-12 cover?
Section 21-7-14-12 ("Loans from fund; nonpayment; suit for collection") is part of the Indiana Code, the codified statutory law of Indiana. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Indiana § 21-7-14-12?
A common citation format is "Indiana Code § 21-7-14-12" (Indiana). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Indiana law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Indiana official source linked on this page or consult a licensed Indiana attorney.
How does Indiana § 21-7-14-12 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Indiana can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Indiana.