Records silent as to time mortgage lien or vendor's lien due
Sec. 2. (a) Except as provided in section 3 of this chapter, if the
record of a mortgage or lien described in section 1 of this chapter
does not show when the debt or the last installment of the debt
secured by the mortgage or lien becomes due, the mortgage or
vendor's lien expires twenty (20) years after the date on which the
mortgage or lien is executed.
(b) If the date has been omitted in a mortgage or vendor's lien, the
mortgage or vendor's lien expires twenty (20) years after the date on
which the mortgage or vendor's lien is recorded. Upon the request of
the owner of record of real estate encumbered by a mortgage or lien
that has expired under this section, the recorder of the county in
which the real estate is situated shall certify on the record that the
mortgage or vendor's lien is fully paid and satisfied by lapse of time,
and the real estate is released from the lien.
As added by P.L.2-2002, SEC.13.
Last modified: May 24, 2006