26-1-8.1-104. Acquisition of a Security or Financial Asset
Sec. 104. (a) A person acquires a security or an interest therein, under IC 26-1-8.1, if: (1) the person is a purchaser to whom a security is delivered under IC 26-1-8.1-301; or (2) the person acquires a security entitlement to the security under IC 26-1-8.1-501. (b) A person acquires a financial asset, other than a […]
26-1-8.1-105. Notice of Adverse Claim
Sec. 105. (a) A person has notice of an adverse claim if: (1) the person knows of the adverse claim; (2) the person is aware of facts sufficient to indicate that there is a significant probability that the adverse claim exists and deliberately avoids information that would establish the existence of the adverse claim; or […]
26-1-8.1-106. Control of Securities
Sec. 106. (a) A purchaser has “control” of a certificated security in bearer form if the certificated security is delivered to the purchaser. (b) A purchaser has “control” of a certificated security in registered form if the certificated security is delivered to the purchaser, and: (1) the certificate is endorsed to the purchaser or in […]
26-1-8.1-107. Effectiveness of Endorsement, Instruction, or Entitlement Order
Sec. 107. (a) “Appropriate person” means: (1) with respect to an endorsement, the person specified by a security certificate or by an effective special endorsement to be entitled to the security; (2) with respect to an instruction, the registered owner of an uncertificated security; (3) with respect to an entitlement order, the entitlement holder; (4) […]
26-1-8.1-108. Warranties Upon Purchase or Transfer of Security
Sec. 108. (a) A person who transfers a certificated security to a purchaser for value warrants to the purchaser, and an endorser, if the transfer is by endorsement, warrants to any subsequent purchaser, that: (1) the certificate is genuine and has not been materially altered; (2) the transferor or endorser does not know of any […]
26-1-8.1-109. Warranties Made by and to a Securities Intermediary
Sec. 109. (a) A person who originates an entitlement order to a securities intermediary warrants to the securities intermediary that: (1) the entitlement order is made by an appropriate person, or if the entitlement order is by an agent, the agent has actual authority to act on behalf of the appropriate person; and (2) there […]
26-1-7-508. Warranties of Collecting Bank as to Documents
Sec. 508. A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has […]
26-1-8.1-110. Applicability of Local Law; Determination of Jurisdiction
Sec. 110. (a) The local law of the issuer’s jurisdiction, as specified in subsection (d), governs: (1) the validity of a security; (2) the rights and duties of the issuer with respect to registration of transfer; (3) the effectiveness of registration of transfer by the issuer; (4) whether the issuer owes any duties to an […]
26-1-7-509. Receipt or Bill; When Adequate to Comply With Commercial Contract
Sec. 509. Whether a document of title is adequate to fulfill the obligations of a contract for sale, a contract for lease, or the conditions of a letter of credit is determined by IC 26-1-2, IC 26-1-2.1, or IC 26-1-5.1. Formerly: Acts 1963, c.317, s.7-509. As amended by P.L.152-1986, SEC.261; P.L.183-1996, SEC.5; P.L.143-2007, SEC.60.
26-1-8.1-111. Applicability of Rules Adopted by Clearing Corporations
Sec. 111. A rule adopted by a clearing corporation governing rights and obligations among the clearing corporation and its participants in the clearing corporation is effective even if the rule conflicts with IC 26-1-8.1 and affects another party who does not consent to the rule. As added by P.L.247-1995, SEC.10.