Current as of June 08, 2021 | Updated by FindLaw Staff
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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 county assessor 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.
Cite this article: FindLaw.com - Indiana Code Title 34. Civil Law and Procedure § 34-24-2-5 - last updated June 08, 2021 | https://codes.findlaw.com/in/title-34-civil-law-and-procedure/in-code-sect-34-24-2-5/
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