Whenever:

1. (1) the state comptroller has made loans from the fund that were secured by a mortgage upon real property;
2. (2) the mortgaged premises are forfeited to the state for nonpayment of the amount due or are purchased for the state by the state comptroller for the benefit of the fund; and

3. (3) the mortgaged premises when sold fail to sell for a sum sufficient to satisfy the principal and interest of the loan and damages;

   the state comptroller shall bring suit on the note executed by the mortgagor for the deficiency, for which the maker is liable. If judgment is rendered on the suit, an appraisement of property is not allowed on the execution issued on the judgment.

   [Pre-2007 Higher Education Recodification Citation: 21-7-2-1 part.]

As added by P.L.2-2007, SEC.244. Amended by P.L.9-2024, SEC.416.