26-1-9.1-203. Attachment and Enforceability of Security Interest; Proceeds; Supporting Obligations; Formal Requisites
Sec. 203. (a) A security interest attaches to collateral when it becomes enforceable against the debtor with respect to the collateral, unless an agreement expressly postpones the time of attachment. (b) Except as otherwise provided in subsections (c) through (i), a security interest is enforceable against the debtor and third parties with respect to the […]
26-1-9.1-204. After-Acquired Property; Future Advances
Sec. 204. (a) Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral. (b) A security interest does not attach under a term constituting an after-acquired property clause to: (1) consumer goods, other than an accession when given as additional security, unless the debtor […]
26-1-9.1-101. Short Title
Sec. 101. IC 26-1-9.1 may be cited as Uniform Commercial Code–Secured Transactions. As added by P.L.57-2000, SEC.45.
26-1-9.1-205. Use or Disposition of Collateral Permissible
Sec. 205. (a) A security interest is not invalid or fraudulent against creditors solely because: (1) the debtor has the right or ability to: (A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods; (B) collect, compromise, enforce, or otherwise deal with collateral; (C) accept the return of […]
26-1-9.1-102. Definitions and Index of Definitions
Sec. 102. (a) In IC 26-1-9.1: (1) “Accession” means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost. (2) “Account”, except as used in “account for”, means a right to payment of a monetary obligation, whether or not earned by performance: (A) […]
26-1-9.1-206. Security Interest Arising in Purchase or Delivery of Financial Asset
Sec. 206. (a) A security interest in favor of a securities intermediary attaches to a person’s security entitlement if: (1) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and […]
26-1-9.1-102.5. “Take Free”; “Takes Free”; “Takes the Money Free”; “Takes the Funds Free”
Sec. 102.5. As used in this chapter, “take free”, “takes free”, “takes the money free”, and “takes the funds free”, when used in conjunction with a security interest in collateral which is transferred, means that following the transfer the collateral is no longer encumbered by the security interest and the security interest is terminated with […]
26-1-9.1-207. Rights and Duties of Secured Party Having Possession or Control of Collateral
Sec. 207. (a) Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party’s possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed. (b) Except […]
26-1-9.1-103. Purchase-Money Security Interest; Application of Payment; Burden of Establishing
Sec. 103. (a) In this section: (1) “Purchase-money collateral” means goods or software that secures a purchase-money obligation incurred with respect to that collateral. (2) “Purchase-money obligation” means an obligation of an obligor incurred as all or part of the price of the collateral or for value given to enable the debtor to acquire rights […]
26-1-9.1-208. Additional Duties of Secured Party Having Control of Collateral
Sec. 208. (a) This section applies to cases in which there is no outstanding secured obligation, and the secured party is not committed to make advances, incur obligations, or otherwise give value. (b) Within ten (10) days after receiving an authenticated demand by the debtor: (1) a secured party having control of a deposit account […]