If the mortgage records of a county in Indiana indicate that a mortgage has been executed to the state and:

1. (1) there is no evidence of indebtedness secured by the mortgage in the possession of the treasurer of state or auditor of state; and

2. (2) there is no evidence in the office of the auditor of state or treasurer of state that a loan secured by the mortgage was made;

   the auditor of state may release and discharge the mortgage of record.

   [Pre-2002 Recodification Citation: 32-8-14-1.]

As added by P.L.2-2002, SEC.14.