1. (a) This section applies when a deed:

   1. (1) purports to contain an absolute conveyance of any estate in land; and

   2. (2) is made or intended to be made defeasible by:

      1. (A) a deed of defeasance;
      2. (B) a bond; or
      3. (C) another instrument.

2. (b) The original conveyance is not defeated or affected against any person other than the maker of the defeasance, the heirs or devisees of the maker of the defeasance, or persons having actual notice of the defeasance unless the instrument of defeasance is:

   1. (1) a deed of defeasance or bond that is recorded in the manner provided by law within ninety (90) days after the date of the deed; or

   2. (2) another instrument that:

      1. (A) is in a form required by the deed;
      2. (B) contains an accurate legal description of the estate in land;
      3. (C) is dated;
      4. (D) has been acknowledged before a notary public;
      5. (E) has been made for consideration; and
      6. (F) is recorded in the manner provided by law within ninety

      7. (90) days after the date of the deed.

         [Pre-2002 Recodification Citation: 32-1-2-17.]

As added by P.L.2-2002, SEC.6. Amended by P.L.1-2003, SEC.82; P.L.156-2005, SEC.1.