Indiana § 36-9-37-25 - Procedures to avoid a foreclosure action
Full text of Indiana Indiana Code § 36-9-37-25 — Procedures to avoid a foreclosure action, with citation guidance and answers to common questions.
§ 36-9-37-25. Procedures to avoid a foreclosure action
Sec. 25. (a) To avoid a foreclosure action on a special assessment, a municipality may:
(1) defer collection of the assessment under section 22.5 of this chapter; or
(2) accept a conveyance in satisfaction of the assessment from the owner of the assessed property.
(b) If there are bondholders other than the municipality holding bonds on the improvement for which the assessment was made, the municipality may do any of the following:
(1) Join with the other bondholders in accepting a conveyance of an undivided interest in the property.
(2) Cause a conveyance of the property to be made to a bank or trust company in the municipality and held under a trust agreement by the bank or trust company for the use and benefit of the municipality and the other bondholders.
(c) A conveyance under this section may be accepted by the municipality only if the head of the municipal legal department makes a written recommendation to the city executive or town legislative body that the conveyance be accepted.
As added by P.L.98-1993, SEC.8. Amended by P.L.45-2004, SEC.5.
Frequently Asked Questions About Indiana § 36-9-37-25
What does Indiana Code § 36-9-37-25 cover?
Section 36-9-37-25 ("Procedures to avoid a foreclosure action") 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 § 36-9-37-25?
A common citation format is "Indiana Code § 36-9-37-25" (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 § 36-9-37-25 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.