Noblesville Redevelopment Commmission v. Noblesville Associates Ltd. Partnership

SHEPARD, Chief Justice.

Private guarantors who were parties to a tax incremental financing scheme eventually defaulted, and the public body sued the guarantors and the subject real estate to “foreclose a lien.” The trial court held that the guaranty was not a lien and entered judgment for the guarantors. The Court of Appeals reversed, holding that the guaranty created an equitable lien. We grant transfer and affirm the trial court.

I. Facts

The well-pleaded facts show that in December 1989 the Noblesville Redevelopment Commission and the Noblesville Redevelopment Authority, existing pursuant to…