26-1-9.1-618. Rights and Duties of Certain Secondary Obligors
Sec. 618. (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor: (1) receives an assignment of a secured obligation from the secured party; (2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the […]
26-1-9.1-603. Agreement on Standards Concerning Rights and Duties
Sec. 603. (a) The parties may determine by agreement the standards measuring the fulfillment of the rights of a debtor or obligor and the duties of a secured party under a rule stated in IC 26-1-9.1-602 if the standards are not manifestly unreasonable. (b) Subsection (a) does not apply to the duty under IC 26-1-9.1-609 […]
26-1-9.1-619. Transfer of Record or Legal Title
Sec. 619. (a) In this section, “transfer statement” means a record authenticated by a secured party stating: (1) that the debtor has defaulted in connection with an obligation secured by specified collateral; (2) that the secured party has exercised its post-default remedies with respect to the collateral; (3) that, by reason of the exercise, a […]
26-1-9.1-604. Procedure if Security Agreement Covers Real Property or Fixtures
Sec. 604. (a) If a security agreement covers both personal and real property, a secured party may proceed: (1) under IC 26-1-9.1-601 through IC 26-1-9.1-628 as to the personal property without prejudicing any rights with respect to the real property; or (2) as to both the personal property and the real property in accordance with […]
26-1-9.1-620. Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Compulsory Disposition of Collateral
Sec. 620. (a) Except as otherwise provided in subsection (g), a secured party may accept collateral in full or partial satisfaction of the obligation it secures only if: (1) the debtor consents to the acceptance under subsection (c); (2) the secured party does not receive, within the time set forth in subsection (d), a notification […]
26-1-9.1-605. Unknown Debtor or Secondary Obligor
Sec. 605. A secured party does not owe a duty based on its status as secured party: (1) to a person that is a debtor or obligor, unless the secured party knows: (A) that the person is a debtor or obligor; (B) the identity of the person; and (C) how to communicate with the person; […]
26-1-9.1-606. Time of Default for Agricultural Lien
Sec. 606. For purposes of IC 26-1-9.1-601 through IC 26-1-9.1-628, a default occurs in connection with an agricultural lien at the time the secured party becomes entitled to enforce the lien in accordance with the statute under which it was created. As added by P.L.57-2000, SEC.45.
26-1-9.1-607. Collection and Enforcement by Secured Party
Sec. 607. (a) If so agreed, and in any event after default, a secured party: (1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party; (2) may take any proceeds to which the secured party is entitled […]
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 […]