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What Are Statutes and Which Ones Apply to Indiana Commercial Foreclosures?
from: John D. WallerA statute is a law, or a set of laws, established by the
legislative branch of the government. In Indiana, the General
Assembly (http://www.in.gov/legislative/) is our state's
legislature. Indiana's statutes are contained in the Indiana
Code (http://www.state.in.us/legislative/ic/code/), abbreviated
as Ind. Code or I.C.
The list of statutes that could apply to a commercial
foreclosure matter is far too long to outline here. But the most
relevant statutes can be found in the links on the right side of
my blog's home page. They include:
* Mortgages, Generally (I.C. 32-29
http://www.in.gov/legislative/ic/code/title32/ar29/)
* Mortgage Foreclosure Actions (I.C. 32-30-10
http://www.in.gov/legislative/ic/code/title32/ar30/ch10.html)
* Indiana Uniform Commercial Code - Secured Transactions (I.C.
26-1-9.10
http://www.in.gov/legislative/ic/code/title26/ar1/ch9.1.html);
there are seven "parts" of this statute; Part 6 (I.C.
26-1-9.1-601
http://www.in.gov/legislative/ic/code/title26/ar1/ch9.1.html#IC26
-1-9.1-601) "Default" is most applicable to my blog because it
furnishes rules about defaults and the enforcement of a security
interests upon defaults
* Judgments in Mortgage and Lien Actions (I.C. 32-30-12
http://www.in.gov/legislative/ic/code/title32/ar30/ch12.html)
* Execution of Judgments (I.C. 34-55
http://www.in.gov/legislative/ic/code/title34/ar55/)
* Receiverships (I.C. 32-30-5
http://www.in.gov/legislative/ic/code/title32/ar30/ch5.html)
* Indiana's Uniform Fraudulent Transfer Act (I.C. 32-18-2
http://www.ai.org/legislative/ic/code/title32/ar18/ch2.html)
* Lis Pendens (I.C. 32-30-11
http://www.ai.org/legislative/ic/code/title32/ar30/ch11.html)
* Judgment Liens (I.C. 32-30-13
http://www.ai.org/legislative/ic/code/title32/ar30/ch13.html)
* Adverse Claims Act (I.C. 28-9
http://www.ai.org/legislative/ic/code/title28/ar9/index.html)
* Attachment (I.C. 34-25-2
http://www.ai.org/legislative/ic/code/title34/ar25/ch2.html)
* Garnishment (I.C. 34-25-3
http://www.ai.org/legislative/ic/code/title34/ar25/ch3.html)
In the statutory cites, the first number designates the title,
the second the article, the third the chapter, and the fourth
the section. For example, the statute applicable to redemption
by an owner of real estate before a sheriff's sale is Title 32,
Article 29, Chapter 7, Section 7 (I.C. 32-29-7-7). In future
posts, I'll describe many of these statutes in more detail.
If you have a legal question about a particular commercial
foreclosure situation, the first place to turn is the Indiana
Code. You might find a statute that directly addresses the
issue. If so, the statute arguably is the definitive authority
on the matter. In other words, the statute ultimately controls
the legal rights and obligations of the parties. Frequently, to
the dismay of parties involved in litigation, there is no
statute on point or, if there is one, the statute may be less
than clear. That's when case law (the common law) must be
studied because written court decisions often interpret
statutes.
Many of the rules applicable to real estate mortgages and
personal property security interests, as well as the procedures
for foreclosure actions, are contained in the Indiana Code. One
of the goals of my blog is to provide links to all the pertinent
statutes. So, if you are wondering whether there is an Indiana
statute that speaks to a particular matter, please e-mail me.
I'm happy to supply links to all the noteworthy statutes.
About the author:
John D. Waller is a partner at the Indianapolis law firm of
Wooden & McLaughlin LLP (www.woodmclaw.com). He publishes the
blog Indiana Commercial Foreclosure Law at
http://commercialforeclosureblog.typepad.com. John's phone
number is 317-639-6151, and his e-mail address is
jwaller@woodmclaw.com.
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