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IN SB0243
Bill
Status
Introduced
1/11/2010
Primary Sponsor
James Merritt
Click for details
AI Summary
- Eliminates lender mortgage priority over mechanic's liens, reversing the previous rule that gave mortgages priority over mechanic's liens recorded after the mortgage date
- Adds language to IC 32-21-4-1 stating that conveyances, mortgages, or leases take priority by filing time "unless a statute specifically provides otherwise"
- Defines "lender" to include individuals, supervised financial organizations, insurance companies, pension funds, and any entity with authority to make loans
- Removes previous exceptions that had protected mortgage priority for Class 2 structures (commercial buildings), auxiliary improvements, and public utility properties
- Applies only to mortgages entered into or renewed after June 30, 2010, with an effective date of July 1, 2010
Legislative Description
Mechanic's liens.
Last Action
First reading: referred to Committee on Insurance and Financial Institutions
1/11/2010
Full Bill Text
No bill text available