Proceeds of sale
Sec. 14. The proceeds of a sale described in IC 32-29-7 or section
8 or 12(b) of this chapter must be applied in the following order:
(1) Expenses of the offer and sale, including expenses incurred
under IC 32-29-7-4 or section 9 of this chapter (or
IC 34-1-53-6.5 or IC 32-15-6-6.5 before their repeal).
(2) The amount of any property taxes on the property sold:
(A) that are due and owing; and
(B) for which the due date has passed as of the date of the
sheriff's sale.
The sheriff shall transfer the amounts collected under this
subdivision to the county treasurer not more than ten (10) days
after the date of the sheriff's sale.
(3) Any amount of redemption where a certificate of sale is
outstanding.
(4) The payment of the principal due, interest, and costs not
described in subdivision (1).
(5) The residue secured by the mortgage and not due.
(6) If the residue referred to in subdivision (5) does not bear
interest, a deduction must be made by discounting the legal
interest.
In all cases in which the proceeds of sale exceed the amounts
described in subdivisions (1) through (6), the surplus must be paid to
the clerk of the court to be transferred, as the court directs, to the
mortgage debtor, mortgage debtor's heirs, or other persons assigned
by the mortgage debtor.
As added by P.L.2-2002, SEC.15.
Last modified: May 24, 2006