405 IAC 2-10-9 - Release; subordination

Authority: IC 12-15-1-10; IC 12-15-8.5

Affected: IC 12-15-3-6; IC 12-15-9

Sec. 9.

(a) The office shall release a lien obtained under this rule within ten (10) business days after the county office of family and children receives notice that the member is no longer institutionalized and is living in his or her home.

(b) A lien obtained under this rule is subordinate to the security interest of a financial institution as defined in IC 12-15-8.5 that loans money to the member provided that the member is able to establish to the satisfaction of the office that the funds were used for operating capital for the operation of the member's farm, the member's business, or the member's real property that is incomeproducing.

(c) If the real property subject to the lien is sold, the office shall release its lien at the closing, and the lien shall attach to the net proceeds of the sale.

Notes

405 IAC 2-10-9

Office ofthe Secretary of Family and Social Services; 405 IAC 2-10-9; filed Dec 13, 2002, 4:00 p.m.: 26 IR 1549; filed Jul 21, 2004, 5:15 p.m.: 27 IR 3986; readopted filed Sep 19, 2007, 12:16 p.m.: 20071010-IR-405070311RFA; readopted filed Oct 28, 2013, 3:18 p.m.: 20131127-IR-405130241RFA Readopted filed 11/13/2019, 11:54 a.m.: 20191211-IR-405190487RFA Filed 6/11/2021, 2:35 p.m.: 20210707-IR-405190602FRA