IC 26-1-9.1 – Secured Transactions | Midpage

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Indiana Code

Chapter 9.1

IC 26-1-9.1

Secured Transactions

101Short title 102Definitions and index of definitions; principles of construction and interpretation 102.5"Take free"; "takes free"; "takes the money free"; "takes the funds free"103Purchase-money security interest; application of payment; burden of establishing 104Control of deposit account 105Control of authoritative electronic copy of a record evidencing chattel paper; exclusive power; control on behalf of purchaser 106Control of investment property 107Control of letter-of-credit right 107.1Control of controllable electronic record, controllable account, or controllable payment intangible 107.2Control on behalf of another person; deposit accounts and authoritative electronic copies of record evidencing chattel paper; acknowledgment not required 108Sufficiency of description 109Scope 110Security interests arising under IC 26-1-2 or IC 26-1-2.1 201General effectiveness of security agreement 202Title to collateral immaterial 203Attachment and enforceability of security interest; requirements; rights to proceeds; security interest in right to payment or performance 204Security interest in after-acquired collateral; exceptions; future advances; proceeds 205Use or disposition of collateral permissible 206Security interest arising in purchase or delivery of financial asset 207Rights and duties of secured party having possession or control of collateral 208Additional duties of secured party having control of collateral 209Duties of secured party if account debtor has been notified of assignment 210Request for accounting; request regarding list of collateral or statement of account 301Law governing perfection, effect of perfection or nonperfection, and priority of security interests in collateral 302Law governing perfection and priority of agricultural liens 303Law governing perfection and priority of security interests in goods covered by a certificate of title 304Law governing perfection, effect of perfection or nonperfection, and priority of security interests in deposit accounts; determination of bank's jurisdiction 305Law governing perfection and priority of security interests in investment property 306Law governing perfection and priority of security interests in letter-of-credit rights 306.1Law governing perfection, effect of perfection or nonperfection, and priority of security interests in chattel paper; chattel paper's jurisdiction 306.2Law governing perfection, effect of perfection or nonperfection, and priority of security interests in controllable electronic records, controllable accounts, and controllable payment intangibles 307Location of debtor 308When security interest or agricultural lien is perfected; continuity of perfection 309Security interest perfected upon attachment 310When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply 311Perfection of security interests in property subject to certain statutes, regulations, and treaties 312Perfection by permissive filing; perfection only by control or possession; temporary perfection without filing or transfer of possession 313When possession by or delivery to secured party perfects security interest without filing 314Perfection by control 314.1Perfection of security interest in chattel paper by possession or control 315Secured party's rights on disposition of collateral and in proceeds 316Continued perfection of security interest following change in governing law 317Interests that take priority over or take free of unperfected security interest or agricultural lien 318No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers 319Rights and title of consignee with respect to creditors and purchasers 320Buyer of goods 321Licensee of general intangible and lessee of goods in ordinary course of business 322Priorities among conflicting security interests in and agricultural liens on same collateral 323Future advances 324Priority of purchase-money security interests 325Priority of security interests in transferred collateral 326Priority of security interests created by new debtor 326.1Priority of security interest in controllable account, controllable electronic record, or controllable payment intangible 327Priority of security interests in deposit account 328Priority of security interests in investment property 329Priority of security interests in letter-of-credit rights 330Priority of purchases of chattel paper or instrument 331Priority of rights of holders or purchasers; persons protected against adverse claims; filing not considered notice of claim or defense 332Transferee of money or of funds from a deposit account 333Priority of certain liens arising by operation of law 334Priority of security interests in fixtures and crops 335Accessions 336Commingled goods 337Priority of security interests in goods covered by certificate of title 338Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information 339Priority subject to subordination 340Effectiveness of right of recoupment or setoff against deposit account 341Bank's rights and duties with respect to deposit account subject to security interest 342Bank's right to refuse to enter into or disclose existence of control agreement 401Alienability of debtor's rights 402Secured party not obligated on contract of debtor or in tort 403Agreement not to assert defenses against assignee 404Rights acquired by assignee; claims and defenses against assignee 405Modification of assigned contract 406Accounts, chattel paper, and payment intangibles; notification of assignment; discharge of account debtor's obligation; proof of assignment; restrictions on assignment ineffective; exceptions 407Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest 408Promissory notes, health care insurance receivables, and general intangibles; restrictions on assignment or security interest ineffective; exception 409Restrictions on assignment of letter-of-credit rights ineffective 501Filing office 502Contents of financing statement; record of mortgage as financing statement; time of filing financing statement 503Name of debtor and secured party 504Indication of collateral 505Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions 506Effect of errors or omissions 507Effect of certain events on effectiveness of financing statement 508Effectiveness of financing statement if new debtor becomes bound by security agreement 509Persons entitled to file initial financing statement or amendment 510Effectiveness of filed record 511Secured party of record 512Amendment of financing statement 513Termination statement for financing statement 514Assignment of powers of secured party of record 515Duration and effectiveness of financing statement; effect of lapsed financing statement 516What constitutes filing; effectiveness of filing 517Effect of indexing errors 518Claim concerning inaccurate or wrongfully filed record 519Numbering, maintaining, and indexing records; communicating information provided in records 520Acceptance and refusal to accept record 521Written record filing; format 522Maintenance and destruction of records 523Information from filing office; sale or license of records 524Delay by filing office 525Fees 526Filing—office rules 527Duty to report 601Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes 602Waiver and variance of rights and duties 603Agreement on standards concerning rights and duties 604Procedure if security agreement covers real property or fixtures 605Unknown debtor or secondary obligor; no duty owed by secured party; exception for controllable account, controllable electronic record, or controllable payment intangible 606Time of default for agricultural lien 607Collection and enforcement by secured party 608Application of proceeds of collection or enforcement; liability for deficiency and right to surplus 609Secured party's right to take possession after default 610Disposition of collateral after default 611Notification by secured party of disposition of collateral 612Timeliness of notification before disposition of collateral 613Contents and form of notification before disposition of collateral; transaction other than consumer-goods transaction 614Contents and form of notification before disposition of collateral; consumer goods transaction 615Application of proceeds of disposition; liability for deficiency and right to surplus 616Explanation of calculation of surplus or deficiency 617Rights of transferee of collateral 618Rights and duties of certain secondary obligors 619Transfer of record or legal title to collateral 620Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral 621Acceptance of collateral in full or partial satisfaction of obligation; notification of proposal 622Effect of acceptance of collateral 623Right to redeem collateral 624Debtor's or secondary obligor's waiver of rights regarding disposition or redemption of collateral 625Remedies for secured party's failure to comply with chapter 626Action in which deficiency or surplus is in issue 627Determination of whether conduct was commercially reasonable 628Nonliability and limitation on liability of secured party; exception for controllable accounts, controllable electronic records, and controllable payment intangibles 701Effective date 702Savings clause 703Security interest perfected before effective date 704Security interest unperfected before effective date 705Effectiveness of action taken before effective date 706Filing of initial financing statement; effectiveness of financing statement 707Pre-effective-date financing statement 708Persons entitled to file initial financing statement or continuation statement 709Priority 801Transactions or liens entered into or created before July 1, 2013 802Security interest perfected before July 1, 2013 803Security interest unperfected before July 1, 2013 804Effectiveness of action taken before July 1, 2013 805When initial financing statement suffices to continue effectiveness of financing statement 806Amendment of financing statement filed before July 1, 2013 807Person entitled to file initial financing statement or continuation statement 808Priority 901Refusal to accept financing statements; fraudulent financing statements; no duty to inspect financing statements 902Judicial reviews of financing statements; pro se motions