Section 32-25-5-1 - First conveyance; satisfaction of liens(a) At the time of the first conveyance of each condominium unit: (1) every mortgage and other lien affecting the condominium unit, including the unit's percentage of undivided interest in the common areas and facilities, must be paid and satisfied of record; or(2) the condominium unit being conveyed and the unit's percentage of undivided interest in the common areas and facilities must be released from the mortgage or other lien by partial release.(b) A partial release under subsection (a)(2) must be recorded.Pre-2002 Recodification Citation: 32-1-6-16.
As added by P.L. 2-2002, SEC.10.