Rights of secured party in property subject to forfeiture
Sec. 5. (a) If a person holding a valid lien, mortgage, security
interest, or interest under a conditional sales contract did not know
the property was the object of corrupt business influence or conduct
described in section 2(b) of this chapter, the court shall determine
whether the secured interest is equal to or in excess of the appraised
value of the property.
(b) Appraised value is to be determined as of the date of judgment
on a wholesale basis by:
(1) agreement between the secured party and the prosecuting
attorney; or
(2) the inheritance tax appraiser for the county in which the
action is brought.
(c) If the amount due to the secured party is equal to or greater
than the appraised value of the property, the court shall order the
property released to the secured party.
(d) If the amount due the secured party is less than the appraised
value of the property, the holder of the interest may pay into the
court an amount equal to the owner's equity, which shall be the
difference between the appraised value and the amount of the lien,
mortgage, security interest, or interest under a conditional sales
contract. Upon payment, the state or unit, or both, shall relinquish all
claims to the property.
As added by P.L.1-1998, SEC.19. Amended by P.L.222-2005,
SEC.43.
Last modified: May 24, 2006