Receiver; duties; owner permitted to retain possession of property
used as dwelling; limitations
Sec. 11. (a) If the court appoints a receiver of mortgaged property,
the receiver shall take possession of the mortgaged property, collect
the rents, issues, income, and profits and apply the rents, issues,
income, and profits to the payment of taxes, assessments, insurance
premiums, and repairs required in the judgment of the receiver to
preserve the security of the mortgage debt. The receiver shall
promptly file a final report with the clerk of the court and, subject to
the approval of the court, account for and pay over to the clerk,
subject to the further order of the court, the balance of income or
other proceeds that remain in the receiver's possession.
(b) If the mortgaged property is occupied as a dwelling by the
record owner of the fee simple title, the owner shall be permitted to
retain possession of the mortgaged property, rent free, until the
foreclosure sale if the owner continues to pay the taxes and special
assessments levied against the mortgaged property and if the owner,
in the judgment of the court, does not suffer waste or other damage
to the property. However, if the record owner of the fee simple title
does not pay the taxes and special assessments levied against the
mortgaged property, the owner may retain possession of that part of
the mortgaged property, not exceeding fifteen (15) acres, that is
actually occupied as a dwelling by the record owner of the fee simple
title, rent free, until the sale, if the owner does not, in the judgment
of the court, suffer waste or other damage to the property. The owner
of any crops growing on the mortgaged property at the time of the
commencement of an action for foreclosure, other than the owner of
fee simple title or the owner's assigns, may enter the property to care
for and harvest the crops at any time within one (1) year after the
filing of the foreclosure action.
As added by P.L.2-2002, SEC.14.
Last modified: May 24, 2006