26-1-9.1-341. Bank’s Rights and Duties With Respect to Deposit Account
Sec. 341. Except as otherwise provided in IC 26-1-9.1-340(c), and unless the bank otherwise agrees in an authenticated record, a bank’s rights and duties with respect to a deposit account maintained with the bank are not terminated, suspended, or modified by: (1) the creation, attachment, or perfection of a security interest in the deposit account; […]
26-1-9.1-506. Effect of Errors or Omissions
Sec. 506. (a) A financing statement substantially satisfying the requirements of IC 26-1-9.1-501 through IC 26-1-9.1-527 is effective, even if it has minor errors or omissions, unless the errors or omissions make the financing statement seriously misleading. (b) Except as otherwise provided in subsection (c), a financing statement that fails sufficiently to provide the name […]
26-1-9.1-342. Bank’s Right to Refuse to Enter Into or Disclose Existence of Control Agreement
Sec. 342. IC 26-1-9.1 does not require a bank to enter into an agreement of the kind described in IC 26-1-9.1-104(a)(2), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do […]
26-1-9.1-507. Effect of Certain Events on Effectiveness of Financing Statement
Sec. 507. (a) A filed financing statement remains effective with respect to collateral that is sold, exchanged, leased, licensed, or otherwise disposed of and in which a security interest or agricultural lien continues, even if the secured party knows of or consents to the disposition. (b) Except as otherwise provided in subsection (c) and IC […]
26-1-9.1-401. Alienability of Debtor’s Rights
Sec. 401. (a) Except as otherwise provided in subsection (b) and IC 26-1-9.1-406, IC 26-1-9.1-407, IC 26-1-9.1-408, and IC 26-1-9.1-409, whether a debtor’s rights in collateral may be voluntarily or involuntarily transferred is governed by law other than IC 26-1-9.1. (b) An agreement between the debtor and secured party that prohibits a transfer of the […]
26-1-9.1-402. Secured Party Not Obligated on Contract of Debtor or in Tort
Sec. 402. The existence of a security interest, agricultural lien, or authority given to a debtor to dispose of or use collateral, without more, does not subject a secured party to liability in contract or tort for the debtor’s acts or omissions. As added by P.L.57-2000, SEC.45.
26-1-9.1-403. Agreement Not to Assert Defenses Against Assignee
Sec. 403. (a) As used in this section, “value” has the meaning provided in IC 26-1-3-303(a). (b) Except as otherwise provided in this section, an agreement between an account debtor and an assignor not to assert against an assignee any claim or defense that the account debtor may have against the assignor is enforceable by […]
26-1-9.1-404. Rights Acquired by Assignee; Claims and Defenses Against Assignee
Sec. 404. (a) Unless an account debtor has made an enforceable agreement not to assert defenses or claims, and subject to subsections (b) through (e), the rights of an assignee are subject to: (1) all terms of the agreement between the account debtor and assignor and any defense or claim in recoupment arising from the […]
26-1-9.1-405. Modification of Assigned Contract
Sec. 405. (a) A modification of or substitution for an assigned contract is effective against an assignee if made in good faith. The assignee acquires corresponding rights under the modified or substituted contract. The assignment may provide that the modification or substitution is a breach of contract by the assignor. This subsection is subject to […]
26-1-9.1-406. Discharge of Account Debtor; Notification of Assignment; Identification and Proof of Assignment; Restrictions on Assignment of Accounts, Chattel Paper, Payment Intangibles, and Promissory Notes Ineffective
Sec. 406. (a) Subject to subsections (b) through (i), an account debtor on an account, chattel paper, or a payment intangible may discharge its obligation by paying the assignor until, but not after, the account debtor receives a notification, authenticated by the assignor or the assignee, that the amount due or to become due has […]