26-1-9.1-622. Effect of Acceptance of Collateral
Sec. 622. (a) A secured party’s acceptance of collateral in full or partial satisfaction of the obligation it secures: (1) discharges the obligation to the extent consented to by the debtor; (2) transfers to the secured party all of a debtor’s rights in the collateral; (3) discharges the security interest or agricultural lien that is […]
26-1-9.1-801. Transactions or Liens Entered Into or Created Before July 1, 2013
Sec. 801. (a) Except as otherwise provided in this section through IC 26-1-9.1-808, amendments to this chapter made by P.L.54-2011 apply to a transaction or lien with its scope, even if the transaction or lien was entered into or created before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013). (b) […]
26-1-9.1-623. Right to Redeem Collateral
Sec. 623. (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral. (b) To redeem collateral, a person shall tender: (1) fulfillment of all obligations secured by the collateral; and (2) the reasonable expenses and attorney’s fees described in IC 26-1-9.1-615(a)(1). (c) A redemption may occur at any time […]
26-1-9.1-802. Security Interest Perfected Before July 1, 2013
Sec. 802. (a) A security interest that is a perfected security interest immediately before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013) is a perfected security interest under this chapter, as amended by P.L.54-2011 if, when the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013), the […]
26-1-9.1-608. Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus
Sec. 608. (a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply: (1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under IC 26-1-9.1-607 in the following order to: (A) the reasonable expenses of collection and enforcement […]
26-1-9.1-609. Secured Party’s Right to Take Possession After Default
Sec. 609. (a) After default, a secured party: (1) may take possession of the collateral; and (2) without removal, may render equipment unusable and dispose of collateral on a debtor’s premises under IC 26-1-9.1-610. (b) A secured party may proceed under subsection (a): (1) pursuant to judicial process; or (2) without judicial process, if it […]
26-1-9.1-610. Disposition of Collateral After Default
Sec. 610. (a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing. (b) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. […]
26-1-9.1-611. Notification Before Disposition of Collateral
Sec. 611. (a) As used in this section, “notification date” means the earlier of the date on which: (1) a secured party sends to the debtor and any secondary obligor an authenticated notification of disposition; or (2) the debtor and any secondary obligor waive the right to notification. (b) Except as otherwise provided in subsection […]
26-1-9.1-612. Timeliness of Notification Before Disposition of Collateral
Sec. 612. (a) Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact. (b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten (10) days or more before the earliest time of disposition set forth in […]
26-1-9.1-613. Contents and Form of Notification Before Disposition of Collateral; General
Sec. 613. Except in a consumer-goods transaction, the following rules apply: (1) The contents of a notification of disposition are sufficient if the notification: (A) describes the debtor and the secured party; (B) describes the collateral that is the subject of the intended disposition; (C) states the method of intended disposition; (D) states that the […]