IC 32-29-1-11 — Rents and profits from real property; enforcement of assignment, mortgage, or pledge; rights not affected; equitable subrogation
Chapter 1. Mortgage of Real Estate
Section text
Sec. 11. (a) This chapter does not limit: (1) the right to assign, mortgage, or pledge the rents and profits arising from real estate; (2) the right of an assignee, a mortgagee, or a pledgee to collect rents and profits for application in accordance with an assignment, a mortgage, or a pledge; or (3) the power of a court of equity to appoint a receiver to take charge of real estate to collect rents and profits for application in accordance with an assignment, a mortgage, or a pledge. (b) A person may enforce an assignment, a mortgage, or a pledge of rents and profits arising from real property: (1) whether the person has or does not have possession of the real estate; and (2) regardless of the: (A) adequacy of the security; or (B) solvency of the assignor, mortgagor, or pledgor. (c) If a person: (1) enforces an assignment, a mortgage, or a pledge of rents and profits arising from real estate; and (2) does not have possession of the real estate; the obligations of a mortgagee in possession of real estate may not be imposed on the holder of the assignment, mortgage, or pledge. (d) Except for those instances involving liens defined in IC 32-28-3-1, a mortgagee seeking equitable subrogation with respect to a lien may not be denied equitable subrogation solely because: (1) the mortgagee: (A) is engaged in the business of lending; and (B) had constructive notice of the intervening lien over which the mortgagee seeks to assert priority; (2) the lien for which the mortgagee seeks to be subrogated was released; or (3) the mortgagee obtained a title insurance policy. (e) Subsection (d) does not apply to a municipal sewer lien under IC 36-9-23 or a mechanic's lien under IC 32-28-3-1.
As added by P.L.2-2002, SEC.14. Amended by P.L.122-2003, SEC.1; P.L.151-2003, SEC.2; P.L.2-2005, SEC.86.
Source: official publisher (2026 edition)