Indiana has significantly revised a law relating to expiration of mortgages; it is effective July 1, 2012. Under the new law, a mortgage will automatically expire 10 years after the maturity date or if no maturity date is stated then 10 years after the execution (or in some instances, 10 years after the recording date). The statute does provide a mechanism for a Lender to protect its interest secured by a mortgage without a maturity date by recording an affidavit stating the maturity date of the mortgage in question. Should your institution have concerns about mortgages on its books without a maturity date it may be in your interest to quickly contact your counsel before the July 1st effective date.
Read more here: http://www.in.gov/legislative/bills/2012/SE/SE0298.1.html