Indiana § 32-21-4-3 - Instrument of defeasance

§ 32-21-4-3. Instrument of defeasance

Sec. 3. (a) This section applies when a deed:

(1) purports to contain an absolute conveyance of any estate in land; and

(2) is made or intended to be made defeasible by:

(A) a deed of defeasance;

(B) a bond; or

(C) another instrument.

(b) The original conveyance is not defeated or affected against any person other than the maker of the defeasance, the heirs or devisees of the maker of the defeasance, or persons having actual notice of the defeasance unless the instrument of defeasance is:

(1) a deed of defeasance or bond that is recorded in the manner provided by law within ninety (90) days after the date of the deed; or

(2) another instrument that:

(A) is in a form required by the deed;

(B) contains an accurate legal description of the estate in land;

(C) is dated;

(D) has been acknowledged before a notary public;

(E) has been made for consideration; and

(F) is recorded in the manner provided by law within ninety (90) days after the date of the deed.

[Pre-2002 Recodification Citation: 32-1-2-17.]

As added by P.L.2-2002, SEC.6. Amended by P.L.1-2003, SEC.82; P.L.156-2005, SEC.1.

IC 32-21-5Chapter 5. Residential Real Estate Sales Disclosure

32-21-5-1Applicability of chapter 32-21-5-2"Buyer" defined 32-21-5-3"Closing" defined 32-21-5-4"Defect" defined 32-21-5-5"Disclosure form" defined 32-21-5-5.5Repealed 32-21-5-6"Owner" defined 32-21-5-7Disclosure form; contents 32-21-5-8Owner prepared disclosure form 32-21-5-8.5Disclosures relating to property covered by governing documents of homeowners association 32-21-5-9Disclosure form distinguished from warranty 32-21-5-10Disclosure form; presentation required before acceptance of offer 32-21-5-11Owner liability for errors in form 32-21-5-12Matters arising after form delivered; requirement to disclose at settlement; unknown or unavailable information 32-21-5-13Disclosure of defect after offer accepted; buyer's right to nullify contract; return of deposits