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 […]
26-1-9.1-104. Control of Deposit Account
Sec. 104. (a) A secured party has control of a deposit account if: (1) the secured party is the bank with which the deposit account is maintained; (2) the debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of […]
26-1-9.1-105. Control of Electronic Chattel Paper
Sec. 105. (a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned. (b) A system satisfies subsection (a) if the record or records comprising the chattel […]
26-1-9.1-106. Control of Investment Property
Sec. 106. (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in IC 26-1-8.1-106. (b) A secured party has control of a commodity contract if: (1) the secured party is the commodity intermediary with which the commodity contract is carried; or (2) the commodity customer, secured party, and […]
26-1-8.1-503. Property Interests in Financial Assets; Enforcement of Property Rights; Purchasers for Value
Sec. 503. (a) To the extent necessary for a securities intermediary to satisfy all security entitlements with respect to a particular financial asset, all interests in that financial asset held by the securities intermediary are held by the securities intermediary for the entitlement holders, are not property of the securities intermediary, and are not subject […]
26-1-8.1-504. Maintenance of Financial Assets by Securities Intermediary; Exempted Entity
Sec. 504. (a) A securities intermediary shall promptly obtain and thereafter maintain a financial asset in a quantity corresponding to the aggregate of all security entitlements it has established in favor of its entitlement holders with respect to that financial asset. The securities intermediary may maintain those financial assets directly or through one (1) or […]
26-1-8.1-505. Duty of Securities Intermediary to Obtain and Pay Distributions on Financial Assets
Sec. 505. (a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if: (1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or (2) in the […]
26-1-8.1-506. Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder
Sec. 506. A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if: (1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or (2) in the […]
26-1-8.1-507. Duty of Securities Intermediary to Comply With Entitlement Order; Liability for Wrongful Transfer
Sec. 507. (a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A […]
26-1-8.1-508. Duty of Securities Intermediary to Act at Direction of Entitlement Holder
Sec. 508. A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities […]