Instrument of defeasance
Sec. 3. (a) This section applies when a deed:
(1) purports to contain an absolute conveyance of any estate in
land; and
(2) is made or intended to be made defeasible by:
(A) a deed of defeasance;
(B) a bond; or
(C) another instrument.
(b) The original conveyance is not defeated or affected against
any person other than the maker of the defeasance, the heirs or
devisees of the maker of the defeasance, or persons having actual
notice of the defeasance unless the instrument of defeasance is:
(1) a deed of defeasance or bond that is recorded in the manner
provided by law within ninety (90) days after the date of the
deed; or
(2) another instrument that:
(A) is in a form required by the deed;
(B) contains an accurate legal description of the estate in
land;
(C) is dated;
(D) has been acknowledged before a notary public;
(E) has been made for consideration; and
(F) is recorded in the manner provided by law within ninety
(90) days after the date of the deed.
As added by P.L.2-2002, SEC.6. Amended by P.L.1-2003, SEC.82;
P.L.156-2005, SEC.1.
Last modified: May 24, 2006