Acquisition of property subject to lien or other encumbrance

Sec. 15. Property upon which any lien or other encumbrance exists may not be acquired under this chapter unless, at the time the property is acquired, a sufficient sum of money is deposited in trust to pay and redeem the lien or encumbrance in full. [Pre-Local Government Recodification Citation: 19-2-5-9.] As added by Acts 1981, P.L.309, SEC.96.