Indiana § 13-11-2-85.6 - "Foreclosure"
Full text of Indiana Indiana Code § 13-11-2-85.6 — "Foreclosure", with citation guidance and answers to common questions.
§ 13-11-2-85.6. "Foreclosure"
Sec. 85.6. "Foreclosure", for purposes of sections 148(e)(2), 150(c), and 151(e) of this chapter, means the acquisition of a vessel or facility for purposes of IC 13-25-4-8(c), an underground storage tank or aboveground storage tank for purposes of IC 13-23-13, or a petroleum facility for purposes of IC 13-24-1 through any of the following:
(1) If the vessel or facility, underground storage tank or aboveground storage tank, or petroleum facility was security for an extension of credit previously contracted:
(A) purchase at sale under a judgment or decree, power of sale, or nonjudicial foreclosure;
(B) a deed in lieu of foreclosure or a similar conveyance from a trustee; or
(C) repossession.
(2) Conveyance under an extension of credit previously contracted, including the termination of a lease agreement.
(3) Any other formal or informal manner by which the person acquires, for subsequent disposition, title to or possession of a vessel or facility, underground storage tank or aboveground storage tank, or petroleum facility in order to protect the security interest of the person.
As added by P.L.159-2011, SEC.3. Amended by P.L.176-2023, SEC.18.
Frequently Asked Questions About Indiana § 13-11-2-85.6
What does Indiana Code § 13-11-2-85.6 cover?
Section 13-11-2-85.6 (""Foreclosure"") 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 § 13-11-2-85.6?
A common citation format is "Indiana Code § 13-11-2-85.6" (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 § 13-11-2-85.6 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.