Indiana Senate Bill 298 (Prior Session Legislation)

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Spectrum: Bipartisan Bill
Status: Enrolled on February 28 2012 - 75% progression, died in chamber
Action: 2012-03-19 - Signed by the Governor
Text: Latest bill text (Enrolled) [HTML]

Removes a provision specifying that a mortgage or vendor's lien that was created before September 1, 1982, on real estate in Indiana expires 20 years after the last installment of the secured debt is due. Provides that if a mortgage or vendor's lien does not show the due date of the last installment, the mortgage or lien expires 10 years (instead of 20 years under current law) after the date of execution of the mortgage or lien. Provides that if: (1) the record of the mortgage or lien does not show the due date of the last installment; and (2) the execution date is omitted from the mortgage or lien; the mortgage or lien expires 10 years (instead of 20 years under current law) after the mortgage or lien is recorded. Provides exceptions to these expiration periods if a foreclosure action is brought or maintained not later than the applicable expiration period. Makes corresponding changes in the provision that allows the mortgagee or lienholder to file an affidavit stating when the debt becomes due. Provides that at any time after a judgment and decree of sale is entered in an action to foreclose a mortgage on an interest in real property in Indiana, an interested person or an omitted party may bring a civil action concerning an omitted party's interest in the property. Provides that upon the filing of such an action, the court shall determine the extent of the omitted party's interest and issue a decree terminating that interest, subject to the right of the omitted party to redeem the property if the omitted party would have had redemption rights under existing law. Sets forth factors that the court must consider in determining the terms of redemption. Provides for the amount to be paid for redemption and the time allowed for payment. Provides that: (1) the senior lien on which the foreclosure action was based is not extinguished by merger with the title to the property conveyed to a purchaser at the judicial sale until the interest of any omitted party has been terminated; and (2) until an omitted party's interest is terminated, the purchaser at the judicial sale is the equitable owner of the senior lien. Provides that an interested person's rights under the new provisions may not be denied because of certain acts or omissions by the interested person. Makes technical changes.

Mortgages and liens on real property.

Sen. John Broden [D]	Sen. Travis Holdman [R]	Sen. Timothy Lanane [D]	Sen. Brent Steele [R]
Sen. Joseph Zakas [R]

2012-03-08 - House - House - Conference committee report 1 : adopted by the House (Y: 92 N: 0 NV: 2 Abs: 6) [PASS]
2012-03-08 - Senate - Senate - Conference committee report 1 : adopted by the Senate (Y: 50 N: 0 NV: 0 Abs: 0) [PASS]
2012-02-28 - House - House - Third reading: passed (Y: 96 N: 0 NV: 1 Abs: 3) [PASS]
2012-02-27 - House - House - Amendment 1 (Pelath), prevailed (Y: 98 N: 0 NV: 1 Abs: 1) [PASS]
2012-01-30 - Senate - Senate - Third reading: passed (Y: 50 N: 0 NV: 0 Abs: 0) [PASS]

Date	Chamber	Action
2012-03-19		Signed by the Governor
2012-03-12		Signed by the President of the Senate
2012-03-09		Signed by the Speaker
2012-03-09		Signed by the President Pro Tempore
2012-03-08		Conference committee report 1 : adopted by the House; Roll Call 387: yeas 92, nays 0
2012-03-08		Rules suspended
2012-03-08		Conference committee report 1 : adopted by the Senate; Roll Call 330: yeas 50, nays 0
2012-03-08		Senate Rule 86(a) suspended
2012-03-08		Conference committee report 1 : filed in the House
2012-03-01		House advisors appointed: Burton, Heaton and Pelath
2012-03-01		House conferees appointed: Speedy and Riecken
2012-03-01		Senate advisors appointed: Steele, Broden and Glick
2012-03-01		Senate conferees appointed: Zakas and Lanane
2012-03-01		Senate dissented from House amendments
2012-02-28		Returned to the Senate with amendments
2012-02-28		Third reading: passed; Roll Call 271: yeas 96, nays 0
2012-02-27		Amendment 1 (Pelath), prevailed; Roll Call 241: yeas 98, nays 0
2012-02-27		Second reading: amended, ordered engrossed
2012-02-23		Representative Riecken added as cosponsor
2012-02-23		Committee report: amend do pass, adopted
2012-02-09		First reading: referred to Committee on Financial Institutions
2012-01-30		House sponsor: Rep. Speedy
2012-01-30		Referred to the House
2012-01-30		Third reading: passed; Roll Call 87: yeas 50 and nays 0
2012-01-24		Amendment 1 (Zakas), prevailed; voice vote
2012-01-24		Second reading: amended, ordered engrossed
2012-01-20		Committee report: amend do pass, adopted
2012-01-19		Senator Broden added as coauthor
2012-01-19		Senator Lanane added as third author
2012-01-19		Senator Steele added as second author
2012-01-19		Senator Holdman added as coauthor
2012-01-05		First reading: referred to Committee on Insurance and Financial Institutions
2012-01-05		Authored by Senator Zakas

Type	Source
Summary	http://www.in.gov/apps/lsa/session/billwatch/billinfo?year=2012&session=1&request=getBill&doctype=SB&docno=0298
Text	http://www.in.gov/legislative/bills/2012/IN/IN0298.1.html
Text	http://www.in.gov/legislative/bills/2012/SB/SB0298.1.html
Text	http://www.in.gov/legislative/bills/2012/SB/SB0298.2.html
Text	http://www.in.gov/legislative/bills/2012/ES/ES0298.1.html
Text	http://www.in.gov/legislative/bills/2012/ES/ES0298.2.html
Text	http://www.in.gov/legislative/bills/2012/SE/SE0298.1.html
Roll Call	http://www.in.gov/legislative/bills/2012/PDF/Srollcal/0087.PDF.pdf
Roll Call	http://www.in.gov/legislative/bills/2012/PDF/Hrollcal/0241.PDF.pdf
Roll Call	http://www.in.gov/legislative/bills/2012/PDF/Hrollcal/0271.PDF.pdf
Roll Call	http://www.in.gov/legislative/bills/2012/PDF/Srollcal/0330.PDF.pdf
Roll Call	http://www.in.gov/legislative/bills/2012/PDF/Hrollcal/0387.PDF.pdf