Good faith purchaser at judicial sale
Sec. 3. A person who purchases a mortgaged premises or any part
of a mortgaged premises under the court's judgment or decree at a
judicial sale or who claims title to the mortgaged premises under the
judgment or decree, buying without actual notice of an assignment
that is not of record or of the transfer of a note, the holder of which
is not a party to the action, holds the premises free and discharged of
the lien. However, any assignee or transferee may redeem the
premises, like any other creditor, during the period of one (1) year
after the sale.
As added by P.L.2-2002, SEC.14.
Last modified: May 24, 2006