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IN HB1358
Bill
Status
1/12/2016
Primary Sponsor
William Fine
Click for details
AI Summary
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Amends condominium lien law (IC 32-25-6-3) to limit liability of foreclosure purchasers for unpaid common expenses that became due before the foreclosure judgment is issued by the court, if the judgment is issued after June 30, 2016.
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Amends homeowners association lien law (IC 32-28-14-7) with the same limitation for real estate in subdivisions: foreclosure purchasers are not liable for assessments that became due before the foreclosure judgment date, if issued after June 30, 2016.
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For foreclosures with judgments issued before July 1, 2016, maintains current law holding foreclosure purchasers not liable for expenses that became due before acquisition of title.
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Unpaid common expenses or assessments from periods before the applicable deadline remain collectible from all co-owners or subdivision property owners, including the foreclosure purchaser.
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Effective date: July 1, 2016.
Legislative Description
Condominium and homeowners association liens. Amends the statutes concerning condominium liens and homeowners association liens to provide that if the mortgagee of a first mortgage, or if any other purchaser, obtains title to: (1) a condominium unit; or (2) real estate in a subdivision; as applicable, as a result of foreclosure of the first mortgage, the acquirer of title is not liable for the share of the common expenses or assessments that are chargeable to the unit or real estate and that became due before the date the judgment of foreclosure is issued by the court, if the judgment of
Last Action
First reading: referred to Committee on Judiciary
1/12/2016