Sec. 4.7. (a) This section does not apply to a party foreclosing on a mortgage executed on a tract offered for sale under this chapter. (b) As used in this section, "foreign business association" means a corporation, professional corporation, nonprofit corporation, limited liability company, partnership, or limited partnership that is organized under the laws of another state or country. (c) A foreign business association that: (1) has not obtained a certificate of authority from, or registered with, the secretary of state in accordance with the procedures described in IC 23 , as applicable; or (2) has obtained a certificate of authority from, or registered with, the secretary of state in accordance with the procedures described in IC 23 , as applicable, but is not in good standing in Indiana as determined by the secretary of state; may not purchase a tract offered for sale under section 4 of this chapter.
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