Indiana § 37-2-2-6 - "Balloon payment"
Full text of Indiana Indiana Code § 37-2-2-6 — "Balloon payment", with citation guidance and answers to common questions.
§ 37-2-2-6. "Balloon payment"
Sec. 6. "Balloon payment", with respect to a mortgage transaction, means any payment that:
(1) the creditor requires the debtor to make at any time during the term of the mortgage;
(2) represents the entire amount of the outstanding balance with respect to the mortgage; and
(3) the entire amount of which is due as of a specified date or at the end of a specified period;
if the aggregate amount of the minimum periodic payments required under the mortgage would not fully amortize the outstanding balance by the specified date or at the end of the specified period. The term does not include a payment required by a creditor under a due-on-sale clause (as defined in 12 U.S.C. 1701j-3(a)) or a payment required by a creditor under a provision in the mortgage that permits the creditor to accelerate the debt upon the debtor's default or failure to abide by the material terms of the mortgage.
[Pre-2026 Revision Citation: 24-4.5-1-202(a).]
As added by P.L.115-2026, SEC.97.
Frequently Asked Questions About Indiana § 37-2-2-6
What does Indiana Code § 37-2-2-6 cover?
Section 37-2-2-6 (""Balloon payment"") 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 § 37-2-2-6?
A common citation format is "Indiana Code § 37-2-2-6" (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 § 37-2-2-6 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.