Section 32-31-3-19 - Sale of property; liability for deposits; exceptions(a) Unless otherwise agreed, if a landlord conveys, in a good faith sale to a bona fide purchaser, property that includes a dwelling unit subject to a rental agreement, the landlord is relieved of liability under law or the rental agreement as to events occurring after written notice to the tenant of the conveyance. However, for one (1) year after giving notice of the conveyance, the landlord remains liable to the tenant for the security deposit to which the tenant is entitled under section 14 of this chapter unless:(1) the purchaser acknowledges that the purchaser has assumed the liability of the seller by giving notice to the tenant; and(2) upon conveyance the seller transfers the security deposit to the purchaser.(b) Unless otherwise agreed, a manager of a dwelling unit is relieved of any liability the manager might have under law or the rental agreement as to events occurring after written notice to the tenant of the termination of the manager's management.Pre-2002 Recodification Citation: 32-7-5-19.
As added by P.L. 2-2002, SEC.16.