Redemption by owner before sheriff's sale
Sec. 7. Before the sale under this chapter, any owner or part
owner of the real estate may redeem the real estate from the
judgment by payment to the:
(1) clerk before the issuance to the sheriff of the judgment and
decree; or
(2) sheriff after the issuance to the sheriff of the judgment and
decree;
of the amount of the judgment, interest, and costs for the payment or
satisfaction of which the sale was ordered. If the owner or part owner
redeems the real estate under this section, process for the sale of the
real estate under judgment may not be issued or executed, and the
officer receiving the redemption payment shall satisfy the judgment
and vacate order of sale. However, if the real estate is redeemed by
a part owner, the part owner shall have a lien on the shares of the
other owners for their respective shares of the redemption money,
with interest at the rate of eight percent (8%) per annum, plus the
costs of redemption. The lien shall be of the same force and effect as
the judgment lien redeemed by the part owner and shall be
enforceable by appropriate legal proceedings.
As added by P.L.2-2002, SEC.14.
Last modified: May 24, 2006