Section 32-29-1-11 - Rents and profits from real property; enforcement of assignment, mortgage, or pledge; rights not affected; equitable subrogation(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.Pre-2002 Recodification Citation: 32-8-11-10.
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.