Sec. 85.6. "Foreclosure", for purposes of sections 148(e)(2), 150(c), and 151(e) of this chapter, means the acquisition of a vessel or facility for purposes of IC 13-25-4-8(c), an underground storage tank for purposes of IC 13-23-13, or a petroleum facility for purposes of IC 13-24-1 through any of the following:
(1) If the vessel or facility, underground storage tank, or petroleum facility was security for an extension of credit previously contracted:
(A) purchase at sale under a judgment or decree, power of sale, or nonjudicial foreclosure;
(B) a deed in lieu of foreclosure or a similar conveyance from a trustee; or
(C) repossession.
(2) Conveyance under an extension of credit previously contracted, including the termination of a lease agreement.
(3) Any other formal or informal manner by which the person acquires, for subsequent disposition, title to or possession of a vessel or facility, underground storage tank, or petroleum facility in order to protect the security interest of the person.
As added by P.L.159-2011, SEC.3.