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IC 32-28-1-1
Debt or obligation paid
Sec. 1. (a) This section applies to a person, a firm, a limited
liability company, a corporation, a copartnership, an association, an
administrator, an executor, a guardian, a trustee, or another person
who is the owner, holder, or custodian of any mortgage, mechanic's
lien, judgment, or other lien recorded in Indiana.
(b) When the debt or obligation and the interest on the debt or
obligation that the mortgage, mechanic's lien, judgment, or other lien
secures has been fully paid, lawfully tendered, and discharged, the
owner, holder, or custodian shall:
(1) release;
(2) discharge; and
(3) satisfy of record;
the mortgage, mechanic's lien, judgment, or other lien.
(c) If the release, discharge, or satisfaction is a release, discharge,
or satisfaction in part, the instrument must:
(1) state on its face that the instrument is a:
(A) partial release;
(B) partial discharge; or
(C) partial satisfaction; and
(2) describe what portion of the mortgage, mechanic's lien,
judgment, or other lien is released, discharged, or satisfied.
As added by P.L.2-2002, SEC.13.
IC 32-28-1-2
Forfeiture; commissioner to release and satisfy lien
Sec. 2. (a) This section applies if:
(1) the mortgagor or another person having the right to demand
the release of a mortgage or lien makes a written demand, sent
by registered or certified mail with return receipt requested, to
the owner, holder, or custodian to release, discharge, and satisfy
of record the mortgage, mechanic's lien, judgment, or other lien;
and
(2) the owner, holder, or custodian fails, neglects, or refuses to
release, discharge, and satisfy of record the mortgage,
mechanic's lien, judgment, or other lien as required under
section 1 of this chapter not later than fifteen (15) days after the
date the owner, holder, or custodian receives the written
demand.
(b) An owner, holder, or custodian shall forfeit and pay to the
mortgagor or other person having the right to demand the release of
the mortgage or lien: