Limitation of actions attacking validity
Sec. 4. An action attacking the validity of:
(1) an order, decree, or judgment described in section 1 of this
chapter; or
(2) the title established by or resulting from an order, decree, or
judgment described in section 1 of this chapter;
must be brought not later than one (1) year after the date of the
destruction of the record.
As added by P.L.1-1998, SEC.37.
&DNM.IC 34-55-4
&YENC.
&YAMD.
Chapter 4. Appraisement
&DNM.IC 34-55-4-1
&YENC.1998
&YAMD.1998
Sales for less than two-thirds appraised value prohibited
IC 34-55-4-1 Sec. 1. Property shall not be sold on any execution or
order of sale issued out of any court for less than two-thirds (2/3) of the
appraised cash value of the property, exclusive of liens and
encumbrances, except where otherwise provided by law.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-2
&YENC.1998
&YAMD.1998
Sheriff to ascertain cash value
IC 34-55-4-2 Sec. 2. The sheriff, immediately upon levying an
execution, shall proceed to ascertain the cash value of the property
levied upon.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-3
&YENC.1998
&YAMD.1998
Appraisers; selection; duties
IC 34-55-4-3 Sec. 3. (a) For the purpose of appraising the cash value
of property:
(1) two (2) disinterested householders of the neighborhood where
the levy is made shall be selected as appraisers, one (1) of whom
shall be selected by each of the parties or their agents; or
(2) in the absence of either party or the party's agent, or upon the
failure or refusal of either party after three (3) days notice by the
sheriff, to make the selection, the sheriff shall proceed to select
the appraisers.
(b) The appraisers shall immediately proceed to appraise the
property according to its cash value at the time, deducting liens and
encumbrances. In case of their disagreement as to the value, the sheriff
shall select a like disinterested appraiser, and, with the disinterested
appraiser's assistance, shall complete the valuation. The appraisement
of any two (2) of them shall be considered the cash value.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-4
&YENC.1998
&YAMD.1998
Failure of appraiser to act; successor
IC 34-55-4-4 Sec. 4. If an appraiser fails to act or to complete the
valuation, another appraiser shall be chosen, as provided in this
chapter.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-5
&YENC.1998
&YAMD.1998
Lists of liens and encumbrances
IC 34-55-4-5 Sec. 5. It is not the duty of the sheriff or the appraisers
to ascertain the amount of liens and encumbrances. However, either
party may furnish the sheriff with a list of liens and encumbrances,
with the amount and nature of each.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-6
&YENC.1998
&YAMD.1998
Schedule of property levied on
IC 34-55-4-6 Sec. 6. The sheriff shall furnish the appraisers a
schedule of the property levied on, with the encumbrances made known
to the sheriff. The appraisers shall proceed to fix and set down opposite
to each tract, lot, or parcel of real estate, and of the several articles of
personal property, the cash value, deducting liens and encumbrances.
The appraisers shall return the schedule to the sheriff.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-7
&YENC.1998
&YAMD.1998
Oath of appraisers
IC 34-55-4-7 Sec. 7. (a) The appraisers shall take and subscribe an
oath, annexed to the appraisement, to the effect that:
(1) the property mentioned in the schedule is, to the best of their
judgment, worth the sums specified in the appraisement; and
(2) the appraisement is the fair cash value of the property at the
time, exclusive of liens and encumbrances.
(b) The sheriff may administer and attest the oath described in
subsection (a).
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-8
&YENC.1998
&YAMD.1998
Purchaser's rights regarding encumbered property
IC 34-55-4-8 Sec. 8. (a) Subject to subsection (b), where any
property is sold subject to liens and encumbrances, the purchaser may:
(1) pay the liens and encumbrances and hold the property
discharged from all claims of the execution defendant; or
(2) hold the property subject to be redeemed by the execution
defendant, or the execution defendant's heirs, or assigns, by
paying to the purchaser, or the purchaser's heirs or assigns, the
purchase money, with interest.
When redeemed, the purchaser shall have the growing crops and shall
not be accountable for rents and profits, but the purchaser shall account
for waste.
(b) This section does not deprive a party from the right to redeem
when authorized by statute.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-9
&YENC.1998
&YAMD.1998
Unsold property; sheriff's duty
IC 34-55-4-9 Sec. 9. When any property levied on remains unsold,
the sheriff shall, when the sheriff returns the execution, return the
appraisement with the execution, stating in the sheriff's return the
failure to sell and the cause of the failure.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-10
&YENC.1998
&YAMD.1998
Continuance of lien on unsold property
IC 34-55-4-10 Sec. 10. (a) The lien of the levy upon the property
shall continue, and the clerk, when directed by the plaintiff, shall
immediately issue another execution:
(1) reciting the return of the former execution and the levy and
failure to sell; and
(2) directing the sheriff to satisfy the judgment out of the unsold
property, if the unsold property is sufficient.
(b) If the property is not sufficient, the sheriff shall satisfy the
judgment out of any other property of the debtor subject to execution.
However, the lien as to personal property continues only for thirty (30)
days (unless a second execution is issued) from the time of the return.
At that time, the property shall be released to bona fide purchasers for
value and to the levies of writs on other judgments. The levy shall, as
between the parties, be considered vacated. As to real property, the
levy of the writ shall be discharged after six (6) months.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-11
&YENC.1998
&YAMD.1998
Unsold property; revaluation and reoffer
IC 34-55-4-11 Sec. 11. Whenever any property levied upon remains
unsold for want of buyers, the plaintiff may cause the property to be
reoffered at any time before the return day of the execution, at the
plaintiff's costs, as often as the plaintiff may direct. In case of the sale
of the property, the costs of the offer and sale shall be taxed against the
defendant. Either party may have a revaluation of the property, at that
party's costs, after any offer to sell.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
&DNM.IC 34-55-4-12
&YENC.1998
&YAMD.1998
Fraudulent transfers or conveyances
IC 34-55-4-12 Sec. 12. Property conveyed by a debtor with intent to
hinder, delay, or defraud creditors shall be sold without appraisement.
&HST.As added by P.L.1-1998, SEC.51.&EHST.
Last modified: May 24, 2006