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Indiana Code Title 13. Environment § 13-11-2-85.6

Current as of January 02, 2024 | Updated by Findlaw Staff

Sec. 85.6. “Foreclosure”, for purposes of sections 148(e)(2), 150(c), and 151(e) of this chapter, means the acquisition of a vessel or facility for purposes of IC 13-25-4-8(c), an underground storage tank or aboveground storage tank for purposes of IC 13-23-13, or a petroleum facility for purposes of IC 13-24-1 through any of the following:

(1) If the vessel or facility, underground storage tank or aboveground storage tank, or petroleum facility was security for an extension of credit previously contracted:

(A) purchase at sale under a judgment or decree, power of sale, or nonjudicial foreclosure;

(B) a deed in lieu of foreclosure or a similar conveyance from a trustee;  or

(C) repossession.

(2) Conveyance under an extension of credit previously contracted, including the termination of a lease agreement.

(3) Any other formal or informal manner by which the person acquires, for subsequent disposition, title to or possession of a vessel or facility, underground storage tank or aboveground storage tank, or petroleum facility in order to protect the security interest of the person.

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Cite this article: FindLaw.com - Indiana Code Title 13. Environment § 13-11-2-85.6 - last updated January 02, 2024 | https://codes.findlaw.com/in/title-13-environment/in-code-sect-13-11-2-85-6/

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