A person who:

1. (1) purchases a mortgaged premises or any part of a mortgaged premises under the court's judgment or decree at a judicial sale or who claims title to the mortgaged premises under the judgment or decree; and

2. (2) buys the mortgaged premises or any part of the mortgaged premises without actual notice of an assignment that is not of record;

   holds the premises free and discharged of the lien.

   [Pre-2002 Recodification Citation: 32-8-17-1 part.]

As added by P.L.2-2002, SEC.14. Amended by P.L.130-2012, SEC.6; P.L.189-2013, SEC.2.