Ind. Code § 26-1-4.1-404 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-404
Obligation of beneficiary's bank to pay and give notice to beneficiary
Status: in_force

Sec. 404. (a) Subject to IC 26-1-4.1-211(e), IC 26-1-4.1-405(d), and IC 26-1-4.1-405(e), if a beneficiary's bank accepts a payment order, the bank is obliged to pay the amount of the order to the beneficiary of the order. Payment is due on the payment date of the order, but if acceptance occurs on the payment date after the close of the funds-transfer business day of the bank, payment is due on the next funds-transfer business day. If the bank refuses to pay after demand by the beneficiary and receipt of notice of particular circumstances that will give rise to consequential damages as a result of nonpayment, the beneficiary may recover damages resulting from the refusal to pay to the extent the bank had notice of the damages, unless the bank proves that it did not pay because of a reasonable doubt concerning the right of the beneficiary to payment.

(b) If a payment order accepted by the beneficiary's bank instructs payment to an account of the beneficiary, the bank is obliged to notify the beneficiary of receipt of the order before midnight of the next funds-transfer business day following the payment date. If the payment order does not instruct payment to an account of the beneficiary, the bank is required to notify the beneficiary only if notice is required by the order. Notice may be given by first class mail or any other means reasonable in the circumstances. If the bank fails to give the required notice, the bank is obliged to pay interest to the beneficiary on the amount of the payment order from the day notice should have been given until the day the beneficiary learned of receipt of the payment order by the bank. No other damages are recoverable. Reasonable attorney's fees are also recoverable if demand for interest is made and refused before an action is brought on the claim.

(c) The right of a beneficiary to receive payment and damages as stated in subsection (a) may not be varied by agreement or a funds-transfer system rule. The right of a beneficiary to be notified as stated in subsection (b) may be varied by agreement of the beneficiary or by a funds-transfer system rule if the beneficiary is notified of the rule before initiation of the funds transfer.

As added by P.L.189-1991, SEC.4.
Ind. Code § 26-4-1-11 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-11
"Financial loss"
Status: in_force

Sec. 11. "Financial loss" means a loss resulting from the following:

(1) A producer not being fully paid for grain that has been delivered and sold to a grain buyer, net of any outstanding charges against the grain.

(2) Storage loss.

As added by P.L.250-1995, SEC.1. Amended by P.L.114-2025, SEC.50.
Ind. Code § 26-4-7-3 — Indiana Code / Title 26 / Article 4 / Chapter 7 / Section 26-4-7-3
Effect of repayment to fund
Status: in_force

Sec. 3. The repayment in full of all obligations to the fund by a grain buyer or warehouse operator does not nullify or modify the effect of any other disciplinary proceeding brought under IC 26-3-7 or this article.

As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.33.
Ind. Code § 26-2-3-10 — Indiana Code / Title 26 / Article 2 / Chapter 3 / Section 26-2-3-10
Limitation of damages against drawer or endorser of protested bill of exchange
Status: in_force

Sec. 10. No damages beyond cost of protest shall be chargeable against drawer or endorser, if, upon notice of protest and demand of the principal sum, the same is paid.

Formerly: Acts 1861, c.75, s.10.
Ind. Code § 26-1-1-108.2 — Indiana Code / Title 26 / Article 1 / Chapter 1 / Section 26-1-1-108.2
Effect on Electronic Signatures in Global and National Commerce Act
Status: in_force

Sec. 108.2. This article modifies, limits, and supersedes the Electronic Signatures in Global and National Commerce Act (15 U.S.C. 7001 et seq.).

However, this article does not:

(a) modify, limit, or supersede 15 U.S.C. 7001(c); or

(b) authorize the electronic delivery of a notice described in 15 U.S.C. 7003(b).

As added by P.L.143-2007, SEC.2.
Ind. Code § 26-1-4-108 — Indiana Code / Title 26 / Article 1 / Chapter 4 / Section 26-1-4-108
Time of receipt of items
Status: in_force

Sec. 108. (a) For the purpose of allowing time to process items, prove balances, and make the necessary entries on its books to determine its position for the day, a bank may fix an afternoon hour of 2:00 p.m. or later as a cutoff hour for the handling of money and items and the making of entries on its books.

(b) An item or deposit of money received on any day after a cutoff hour so fixed or after the close of the banking day may be treated as being received at the opening of the next banking day.

Formerly: Acts 1963, c.317, s.4-108. As amended by P.L.152-1986, SEC.212; P.L.222-1993, SEC.13.
Ind. Code § 26-1-3.1-504 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-504
Excused presentment and notice of dishonor
Status: in_force

Sec. 504. (a) Presentment for payment or acceptance of an instrument is excused if:

(1) the person entitled to present the instrument cannot with reasonable diligence make presentment;

(2) the maker or acceptor has repudiated an obligation to pay the instrument or is dead or in insolvency proceedings;

(3) by the terms of the instrument presentment is not necessary to enforce the obligation of endorsers or the drawer;

(4) the drawer or endorser whose obligation is being enforced has waived presentment or otherwise has no reason to expect or right to require that the instrument be paid or accepted; or

(5) the drawer instructed the drawee not to pay or accept the draft or the drawee was not obligated to the drawer to pay the draft.

(b) Notice of dishonor is excused if:

(1) by the terms of the instrument notice of dishonor is not necessary to enforce the obligation of a party to pay the instrument; or

(2) the party whose obligation is being enforced waived notice of dishonor.

A waiver of presentment is also a waiver of notice of dishonor.

(c) Delay in giving notice of dishonor is excused if the delay was caused by circumstances beyond the control of the person giving the notice and the person giving the notice exercised reasonable diligence after the cause of the delay ceased to operate.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-2-11-3 — Indiana Code / Title 26 / Article 2 / Chapter 11 / Section 26-2-11-3
"Collateral recovery agency"
Status: in_force

Sec. 3. As used in this chapter, "collateral recovery agency" means any person that, for consideration:

(1) advertises as providing; or

(2) is engaged in the business of performing;

a repossession.

As added by P.L.81-2026, SEC.7.
Ind. Code § 26-1-2-710 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-710
Seller's incidental damages
Status: in_force

Sec. 710. Incidental damages to an aggrieved seller include any commercially reasonable charges, expenses or commissions incurred in stopping delivery, in the transportation, care and custody of goods after the buyer's breach, in connection with return or resale of the goods or otherwise resulting from the breach.

Formerly: Acts 1963, c.317, s.2-710.
Ind. Code § 26-1-9.1-513 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-513
Termination statement for financing statement
Status: in_force

Sec. 513. (a) A secured party shall cause the secured party of record for a financing statement to file a termination statement for the financing statement if the financing statement covers consumer goods and:

(1) there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or

(2) the debtor did not authorize the filing of the initial financing statement.

(b) To comply with subsection (a), a secured party shall cause the secured party of record to file the termination statement:

(1) within one (1) month after there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value; or

(2) if earlier, within twenty (20) days after the secured party receives a signed demand from a debtor.

(c) In cases not governed by subsection (a), within twenty (20) days after a secured party receives a signed demand from a debtor, the secured party shall cause the secured party of record for a financing statement to send to the debtor a termination statement for the financing statement or file the termination statement in the filing office if:

(1) except in the case of a financing statement covering accounts or chattel paper that has been sold or goods that are the subject of a consignment, there is no obligation secured by the collateral covered by the financing statement and no commitment to make an advance, incur an obligation, or otherwise give value;

(2) the financing statement covers accounts or chattel paper that has been sold but as to which the account debtor or other person obligated has discharged its obligation;

(3) the financing statement covers goods that were the subject of a consignment to the debtor but are not in the debtor's possession; or

(4) the debtor did not authorize the filing of the initial financing statement.

(d) Except as otherwise provided in IC 26-1-9.1-510, upon the filing of a termination statement with the filing office, the financing statement to which the termination statement relates ceases to be effective. Except as otherwise provided in IC 26-1-9.1-510, for purposes of IC 26-1-9.1-519(g), IC 26-1-9.1-522(a), and IC 26-1-9.1-523(c), the filing with the filing office of a termination statement relating to a financing statement that indicates that the debtor is a transmitting utility also causes the effectiveness of the financing statement to lapse.

As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.75.
Ind. Code § 26-1-9.1-502 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-502
Contents of financing statement; record of mortgage as financing statement; time of filing financing statement
Status: in_force

Sec. 502. (a) Subject to subsection (b), a financing statement is sufficient only if it:

(1) provides the name of the debtor;

(2) provides the name of the secured party or a representative of the secured party; and

(3) indicates the collateral covered by the financing statement.

(b) Except as otherwise provided in IC 26-1-9.1-501(b), to be sufficient, a financing statement that covers as-extracted collateral or timber to be cut, or which is filed as a fixture filing and covers goods that are or are to become fixtures, must satisfy subsection (a) and also:

(1) indicate that it covers this type of collateral;

(2) indicate that it is to be filed in the real property records;

(3) provide a description of the real property to which the collateral is related that is sufficient to give constructive notice of a mortgage under the law of this state if the description were contained in a record of the mortgage of the real property; and

(4) if the debtor does not have an interest of record in the real property, provide the name of a record owner.

(c) A record of a mortgage is effective, from the date of recording, as a financing statement filed as a fixture filing or as a financing statement covering as-extracted collateral or timber to be cut only if:

(1) the record indicates the goods or accounts that it covers;

(2) the goods are or are to become fixtures related to the real property described in the record or the collateral is related to the real property described in the record and is as-extracted collateral or timber to be cut;

(3) the record satisfies the requirements for a financing statement in this section, but:

(A) the record need not indicate that it is to be filed in the real property records; and

(B) the record sufficiently provides the name of a debtor who is an individual if it provides the individual name of the debtor or the surname and first personal name of the debtor, even if the debtor is an individual to whom IC 26-1-9.1-503(a)(4) applies; and

(4) the record is recorded.

(d) A financing statement may be filed before a security agreement is made or a security interest otherwise attaches.

(e) To the extent that IC 36-2-11-15 applies to require the identification of the preparer of a financing statement, the failure of the financing statement to identify the preparer does not affect the sufficiency of the financing statement.

As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.12; P.L.54-2011, SEC.12; P.L.158-2022, SEC.11.
Ind. Code § 26-1-2.1-215 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-215
Cumulation and conflict of warranties express or implied
Status: in_force

Sec. 215. Warranties, whether express or implied, must be construed as consistent with each other and as cumulative, but if that construction is unreasonable, the intention of the parties determines which warranty is dominant. In ascertaining that intention the following rules apply:

(a) Exact or technical specifications displace an inconsistent sample or model or general language of description.

(b) A sample from an existing bulk displaces inconsistent general language of description.

(c) Express warranties displace inconsistent implied warranties other than an implied warranty of fitness for a particular purpose.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-2-11-1 — Indiana Code / Title 26 / Article 2 / Chapter 11 / Section 26-2-11-1
Applicability
Status: in_force

Sec. 1. This chapter does not apply to the following persons when engaged in an activity otherwise covered by this chapter:

(1) A financial institution or an employee of a financial institution if the activity is conducted by the employee on behalf of that financial institution.

(2) An automobile rental company or an employee of an automobile rental company if the activity is conducted by the employee on behalf of the automobile rental company.

(3) A retail seller of equipment (as defined in IC 26-1-9.1-102), or an employee of a retail seller of equipment, if the activity is limited to the repossession of the type of goods routinely sold by the retail seller in the manner authorized by IC 26-1-9.1-609 on behalf of the owner of a security interest in that collateral.

(4) An entity or an employee of an entity that primarily finances wholesale and retail transactions related to the purchase or lease of equipment manufactured by the entity's affiliate if the activity is limited to the repossession of the equipment.

As added by P.L.81-2026, SEC.7.
Ind. Code § 26-3-7.5-2 — Indiana Code / Title 26 / Article 3 / Chapter 7.5 / Section 26-3-7.5-2
"Director"
Status: in_force

Sec. 2. As used in this chapter, "director" means the director of the Indiana grain buyers and warehouse licensing agency.

As added by P.L.114-2025, SEC.43.
Ind. Code § 26-1-2-312 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-312
Warranty of title and against infringement; buyer's obligation against infringement
Status: in_force

Sec. 312. (1) Subject to subsection (2) there is in a contract for sale a warranty by the seller that

(a) the title conveyed shall be good, and its transfer rightful; and

(b) the goods shall be delivered free from any security interest or other lien or encumbrance of which the buyer at the time of contracting has no knowledge.

(2) A warranty under subsection (1) will be excluded or modified only by specific language or by circumstances which give the buyer reason to know that the person selling does not claim title in himself or that he is purporting to sell only such right or title as he or a third person may have.

(3) Unless otherwise agreed a seller who is a merchant regularly dealing in goods of the kind warrants that the goods shall be delivered free of the rightful claim of any third person by way of infringement or the like but a buyer who furnishes specifications to the seller must hold the seller harmless against any such claim which arises out of compliance with the specifications.

Formerly: Acts 1963, c.317, s.2-312.
Ind. Code § 26-1-8.1-202 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-202
Terms of security; rules on validity; issuer's defenses; cancellation of contracts
Status: in_force

Sec. 202. (a) Even against a purchaser for value and without notice, the terms of a certificated security include terms stated on the certificate and terms made part of the security by reference on the certificate to another instrument, indenture, or document or to a constitution, a statute, an ordinance, a rule, a regulation, an order, or the like, to the extent the terms referred to do not conflict with terms stated on the certificate. A reference under this subsection does not of itself charge a purchaser for value with notice of a defect going to the validity of the security, even if the certificate expressly states that a person accepting it admits notice. The terms of an uncertificated security include those stated in any instrument, indenture, or document or in a constitution, a statute, an ordinance, a rule, a regulation, an order, or the like, under which the security is issued.

(b) The following rules apply if an issuer asserts that a security is not valid:

(1) A security other than a security issued by a government or governmental subdivision, agency, or instrumentality, even though issued with a defect going to its validity, is valid in the hands of a purchaser for value and without notice of the particular defect unless the defect involves a violation of a constitutional provision. In that case, the security is valid in the hands of a purchaser for value and without notice of the defect, other than one who takes by original issue.

(2) Subdivision (1) applies to an issuer that is a government or governmental subdivision, agency, or instrumentality only if there has been substantial compliance with the legal requirements governing the issue or the issuer has received a substantial consideration for the issue as a whole or for the particular security and a stated purpose of the issue is one for which the issuer has power to borrow money or issue the security.

(c) Except as otherwise provided in IC 26-1-8.1-205, lack of genuineness of a certificated security is a complete defense, even against a purchaser for value and without notice.

(d) All other defenses of the issuer of a security, including nondelivery and conditional delivery of a certificated security, are ineffective against a purchaser for value who has taken the certificated security without notice of the particular defense.

(e) This section does not affect the right of a party to cancel a contract for a security "when, as, and if issued" or "when distributed" in the event of a material change in the character of the security that is the subject of the contract or in the plan or arrangement under which the security is to be issued or distributed.

(f) If a security is held by a securities intermediary against whom an entitlement holder has a security entitlement with respect to the security, the issuer may not assert any defense that the issuer could not assert if the entitlement holder held the security directly.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-2-513 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-513
Buyer's right of inspection of goods
Status: in_force

Sec. 513. (1) Unless otherwise agreed and subject to subsection (3), where goods are tendered or delivered or identified to the contract for sale, the buyer has a right before payment or acceptance to inspect them at any reasonable place and time and in any reasonable manner. When the seller is required or authorized to send the goods to the buyer, the inspection may be after their arrival.

(2) Expenses of inspection must be borne by the buyer but may be recovered from the seller if the goods do not conform and are rejected.

(3) Unless otherwise agreed and subject to the provisions of IC 26-1-2-321(3) on C.I.F. contracts, the buyer is not entitled to inspect the goods before payment of the price when the contract provides:

(a) for delivery "C.O.D." or on other like terms; or

(b) for payment against documents of title, except where such payment is due only after the goods are to become available for inspection.

(4) A place or method of inspection fixed by the parties is presumed to be exclusive, but unless otherwise expressly agreed, it does not postpone identification or shift the place for delivery or for passing the risk of loss. If compliance becomes impossible, inspection shall be as provided in this section unless the place or method fixed was clearly intended as an indispensable condition failure of which avoids the contract.

Formerly: Acts 1963, c.317, s.2-513. As amended by P.L.152-1986, SEC.150.
Ind. Code § 26-1-9.1-401 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-401
Alienability of debtor's rights
Status: reserved

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 debtor's rights in collateral or makes the transfer a default does not prevent the transfer from taking effect.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-2-508 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-508
Cure by seller of improper tender or delivery; replacement
Status: repealed

Sec. 508. (1) Where any tender or delivery by the seller is rejected because non-conforming and the time for performance has not yet expired, the seller may seasonably notify the buyer of his intention to cure and may then within the contract time make a conforming delivery.

(2) Where the buyer rejects a non-conforming tender which the seller had reasonable grounds to believe would be acceptable with or without money allowance the seller may if he seasonably notifies the buyer have a further reasonable time to substitute a conforming tender.

Formerly: Acts 1963, c.317, s.2-508.
Ind. Code § 26-1-8.1-401 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-401
Issuer's duty to register transfer
Status: in_force

Sec. 401. (a) If a certificated security in registered form is presented to an issuer with a request to register transfer or an instruction is presented to an issuer with a request to register transfer of an uncertificated security, the issuer shall register the transfer as requested if:

(1) under the terms of the security the person seeking registration of transfer is eligible to have the security registered in its name;

(2) the endorsement or instruction is made by the appropriate person or by an agent who has actual authority to act on behalf of the appropriate person;

(3) reasonable assurance is given that the endorsement or instruction is genuine and authorized (IC 26-1-8.1-402);

(4) any applicable law relating to the collection of taxes has been complied with;

(5) the transfer does not violate any restriction on transfer imposed by the issuer in accordance with IC 26-1-8.1-204;

(6) a demand that the issuer not register transfer has not become effective under IC 26-1-8.1-403, or the issuer has complied with IC 26-1-8.1-403(b) but no legal process or indemnity bond is obtained as provided in IC 26-1-8.1-403(d); and

(7) the transfer is in fact rightful or is to a protected purchaser.

(b) If an issuer is under a duty to register a transfer of a security, the issuer is liable to a person presenting a certificated security or an instruction for registration or to the person's principal for loss resulting from unreasonable delay in registration or failure or refusal to register the transfer.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-4-110 — Indiana Code / Title 26 / Article 1 / Chapter 4 / Section 26-1-4-110
Electronic presentment
Status: in_force

Sec. 110. (a) "Agreement for electronic presentment" means an agreement, clearing-house rule, or Federal Reserve regulation or operating circular, providing that presentment of an item may be made by transmission of an image of an item or information describing the item ("presentment notice") rather than delivery of the item itself. The agreement may provide for procedures governing retention, presentment, payment, dishonor, and other matters concerning items subject to the agreement.

(b) Presentment of an item under an agreement for presentment is made when the presentment notice is received.

(c) If presentment is made by presentment notice, a reference to "item" or "check" in IC 26-1-4 means the presentment notice unless the context otherwise indicates.

As added by P.L.222-1993, SEC.15.
Ind. Code § 26-1-9.1-808 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-808
Priority
Status: in_force

Sec. 808. The amendments to this chapter made by P.L.54-2011 determine the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013), this chapter, as it existed before amendments to this chapter made by P.L.54-2011, determines priority.

As added by P.L.54-2011, SEC.27. Amended by P.L.6-2012, SEC.185.
Ind. Code § 26-1-9.1-315 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-315
Secured party's rights on disposition of collateral and in proceeds
Status: in_force

Sec. 315. (a) Except as otherwise provided in IC 26-1-9.1 and in IC 26-1-2-403(2):

(1) a security interest or agricultural lien continues in collateral notwithstanding sale, lease, license, exchange, or other disposition thereof unless the secured party authorized the disposition free of the security interest or agricultural lien; and

(2) a security interest attaches to any identifiable proceeds of collateral.

(b) Proceeds that are commingled with other property are identifiable proceeds:

(1) if the proceeds are goods, to the extent provided by IC 26-1-9.1-336; and

(2) if the proceeds are not goods, to the extent that the secured party identifies the proceeds by a method of tracing, including application of equitable principles, that is permitted under law other than IC 26-1-9.1 with respect to commingled property of the type involved.

(c) A security interest in proceeds is a perfected security interest if the security interest in the original collateral was perfected.

(d) A perfected security interest in proceeds becomes unperfected on the twenty-first day after the security interest attaches to the proceeds unless:

(1) the following conditions are satisfied:

(A) A filed financing statement covers the original collateral.

(B) The proceeds are collateral in which a security interest may be perfected by filing in the office in which the financing statement has been filed.

(C) The proceeds are not acquired with cash proceeds.

(2) the proceeds are identifiable cash proceeds; or

(3) the security interest in the proceeds is perfected other than under subsection (c) when the security interest attaches to the proceeds or within twenty (20) days thereafter.

(e) If a filed financing statement covers the original collateral, a security interest in proceeds which remains perfected under subsection (d)(1) becomes unperfected at the later of:

(1) when the effectiveness of the filed financing statement lapses under IC 26-1-9.1-515 or is terminated under IC 26-1-9.1-513; or

(2) the twenty-first day after the security interest attaches to the proceeds.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-2-715 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-715
Buyer's incidental and consequential damages
Status: in_force

Sec. 715. (1) Incidental damages resulting from the seller's breach include expenses reasonably incurred in inspection, receipt, transportation and care and custody of goods rightfully rejected, any commercially reasonable charges, expenses or commissions in connection with effecting cover and any other reasonable expense incident to the delay or other breach.

(2) Consequential damages resulting from the seller's breach include

(a) any loss resulting from general or particular requirements and needs of which the seller at the time of contracting had reason to know and which could not reasonably be prevented by cover or otherwise; and

(b) injury to person or property proximately resulting from any breach of warranty.

Formerly: Acts 1963, c.317, s.2-715.
Ind. Code § 26-1-4.1-204 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-204
Refund of payment and duty of customer to report with respect to unauthorized payment order
Status: in_force

Sec. 204. (a) If a receiving bank accepts a payment order issued in the name of its customer as sender which is (i) not authorized and not effective as the order of the customer under IC 26-1-2.1-202, or (ii) not enforceable, in whole or in part, against the customer under IC 26-1-4.1-203, the bank shall refund any payment of the payment order received from the customer to the extent the bank is not entitled to enforce payment and shall pay interest on the refundable amount calculated from the date the bank received payment to the date of the refund. However, the customer is not entitled to interest from the bank on the amount to be refunded if the customer fails to exercise ordinary care to determine that the order was not authorized by the customer and to notify the bank of the relevant facts within a reasonable time not exceeding ninety (90) days after the date the customer received notification from the bank that the order was accepted or that the customer's account was debited with respect to the order. The bank is not entitled to any recovery from the customer on account of a failure by the customer to give notification as stated in this section.

(b) Reasonable time under subsection (a) may be fixed by agreement as stated in IC 26-1-1-204(1), but the obligation of a receiving bank to refund payment as stated in subsection (a) may not otherwise be varied by agreement.

As added by P.L.189-1991, SEC.4. Amended by P.L.1-1992, SEC.138.
Ind. Code § 26-1-1-302 — Indiana Code / Title 26 / Article 1 / Chapter 1 / Section 26-1-1-302
Subordination
Status: in_force

Sec. 302. (1) An obligation may be issued as subordinated to performance of another obligation of the person obligated, or a creditor may subordinate the creditor's right to performance of an obligation by agreement with either the person obligated or another creditor of the person obligated.

(2) Subordination does not create a security interest as against either the common debtor or a subordinated creditor.

As added by P.L.143-2007, SEC.6.
Ind. Code § 26-1-12-107 — Indiana Code / Title 26 / Article 1 / Chapter 12 / Section 26-1-12-107
Governing local law; determination of controllable electronic record's jurisdiction; law governing rights acquired by purchaser or qualifying purchaser
Status: in_force

Sec. 107. (a) Except as provided in subsection (b), the local law of an electronic record's jurisdiction governs a matter covered by this chapter.

(b) For a controllable electronic record that evidences a controllable account or a controllable payment intangible, the local law of the controllable electronic record's jurisdiction governs a matter covered by section 106 of this chapter unless an effective agreement determines that the local law of another jurisdiction governs.

(c) The following rules determine a controllable electronic record's jurisdiction under this section:

(1) If the controllable electronic record, or a record that is attached to or logically associated with the controllable electronic record and that is readily available for review, expressly provides that a particular jurisdiction is the controllable electronic record's jurisdiction for purposes of this chapter or IC 26-1, that jurisdiction is the controllable electronic record's jurisdiction.

(2) If subdivision (1) does not apply, and the rules of the system in which the controllable electronic record is recorded are readily available for review and expressly provide that a particular jurisdiction is the controllable electronic record's jurisdiction for purposes of this chapter or IC 26-1, that jurisdiction is the controllable electronic record's jurisdiction.

(3) If subdivisions (1) and (2) do not apply, and the controllable electronic record, or a record that is attached to or logically associated with the controllable electronic record and that is readily available for review, expressly provides that the controllable electronic record is governed by the law of a particular jurisdiction, that jurisdiction is the controllable electronic record's jurisdiction.

(4) If subdivisions (1) through (3) do not apply, and the rules of the system in which the controllable electronic record is recorded are readily available for review and expressly provide that the controllable electronic record or the system is governed by the law of a particular jurisdiction, that jurisdiction is the controllable electronic record's jurisdiction.

(5) If subdivisions (1) through (4) do not apply, the controllable electronic record's jurisdiction is the District of Columbia.

(d) If subsection (c)(5) applies and this chapter is not in effect in the District of Columbia without material modification, the governing law for a matter covered by this chapter is the law of the District of Columbia as though this chapter were in effect in the District of Columbia without material modification.

(e) To the extent that subsections (a) and (b) provide that the local law of the controllable electronic record's jurisdiction governs a matter covered by this chapter, that law governs even if the matter or a transaction to which the matter relates does not bear any relation to the controllable record's jurisdiction.

(f) The rights acquired under section 104 of this chapter by a purchaser or a qualifying purchaser are governed by the law applicable under this section at the time of purchase.

As added by P.L.199-2023, SEC.90.
Ind. Code § 26-4-8-1 — Indiana Code / Title 26 / Article 4 / Chapter 8 / Section 26-4-8-1
Failure to collect or pay premiums
Status: in_force

Sec. 1. A person who knowingly or intentionally refuses or fails to:

(1) collect from producers under the program; or

(2) pay producer premiums collected from producers under the program;

commits a Class A misdemeanor. In addition to the criminal penalty under this section, the grain buyer must also pay to the fund money collected from producers and owed to the fund.

As added by P.L.250-1995, SEC.1.
Ind. Code § 26-1-3.1-308 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-308
Proof of signatures and status as holder in due course
Status: in_force

Sec. 308. (a) In an action with respect to an instrument, the authenticity of, and authority to make, each signature on the instrument is admitted unless specifically denied in the pleadings. If the validity of a signature is denied in the pleadings, the burden of establishing validity is on the person claiming validity, but the signature is presumed to be authentic and authorized unless the action is to enforce the liability of the purported signer and the signer is dead or incompetent at the time of trial of the issue of validity of the signature. If an action to enforce the instrument is brought against a person as the undisclosed principal of a person who signed the instrument as a party to the instrument, the plaintiff has the burden of establishing that the defendant is liable on the instrument as a represented person under IC 26-1-3.1-402(a).

(b) If the validity of signatures is admitted or proved and there is compliance with subsection (a), a plaintiff producing the instrument is entitled to payment if the plaintiff proves entitlement to enforce the instrument under IC 26-1-3.1-301, unless the defendant proves a defense or claim in recoupment. If a defense or claim in recoupment is proved, the right to payment of the plaintiff is subject to the defense or claim, except to the extent the plaintiff proves that the plaintiff has rights of a holder in due course which are not subject to the defense or claim.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-3.1-109 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-109
Payable to bearer or to order
Status: in_force

Sec. 109. (a) A promise or order is payable to bearer if it:

(1) states that it is payable to bearer or to the order of bearer or otherwise indicates that the person in possession of the promise or order is entitled to payment;

(2) does not state a payee; or

(3) states that it is payable to or to the order of cash or otherwise indicates that it is not payable to an identified person.

(b) A promise or order that is not payable to bearer is payable to order if it is payable:

(1) to the order of an identified person; or

(2) to an identified person or order.

A promise or order that is payable to order is payable to the identified person.

(c) An instrument payable to bearer may become payable to an identified person if it is specially endorsed under IC 26-1-3.1-205(a). An instrument payable to an identified person may become payable to bearer if it is endorsed in blank under IC 26-1-3.1-205(b).

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-9.1-340 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-340
Effectiveness of right of recoupment or setoff against deposit account
Status: in_force

Sec. 340. (a) Except as otherwise provided in subsection (c), a bank with which a deposit account is maintained may exercise any right of recoupment or set-off against a secured party that holds a security interest in the deposit account.

(b) Except as otherwise provided in subsection (c), the application of IC 26-1-9.1 to a security interest in a deposit account does not affect a right of recoupment or set-off of the secured party as to a deposit account maintained with the secured party.

(c) The exercise by a bank of a set-off against a deposit account is ineffective against a secured party that holds a security interest in the deposit account which is perfected by control under IC 26-1-9.1-104(a)(3), if the set-off is based on a claim against the debtor.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-3-7-4 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-4
License; application; exemptions; prohibited operation
Status: in_force

Sec. 4. (a) A person may not operate a warehouse or conduct business as a grain buyer or buyer-warehouse without first having obtained the appropriate license from the agency.

(b) A person may not be licensed to operate a particular facility unless all facilities operated by the person in Indiana also qualify to be and are licensed under this chapter. A person that operates multiple facilities for the storage or handling of grain in Indiana must obtain a license that covers all facilities operated by the person.

(c) A person may not represent that the person is licensed under this chapter, and may not use a name or description that conveys an impression that the person is licensed under this chapter, unless the person holds a valid license issued under this chapter that has not been terminated.

(d) If a licensee acquires an additional grain storage or handling facility in Indiana, the licensee shall promptly submit to the agency an amended application for licensure. A licensee shall promptly notify the agency of a material change to the licensee's operations, such as expansion of the amount of storage being used in the licensee's existing facilities or change of ownership of a facility, and shall provide the director with additional information the director may require. A licensee shall obtain the approval of the director before making use of increased storage or handling capacity.

(e) A licensee that acquires an additional grain storage or handling facility that is required to be licensed may not use the facility for the storage or handling of grain until it qualifies for and is issued a license and is licensed as provided in this chapter. If a licensed grain storage or handling facility that a licensee operates in Indiana becomes ineligible for a license at any time for any reason, the facility may not be used for the storage or handling of grain until the condition making it ineligible is removed.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120, SEC.3. As amended by Acts 1982, P.L.155, SEC.4; P.L.191-1991, SEC.3; P.L.139-1996, SEC.8; P.L.125-1997, SEC.21; P.L.173-1999, SEC.3; P.L.60-2015, SEC.6; P.L.114-2025, SEC.5.
Ind. Code § 26-1-3.1-113 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-113
Date of instrument
Status: in_force

Sec. 113. (a) An instrument may be antedated or postdated. The date stated determines the time of payment if the instrument is payable at a fixed period after date. Except as provided in IC 26-1-4-401(c), an instrument payable on demand is not payable before the date of the instrument.

(b) If an instrument is undated, its date is the date of its issue or, in the case of an unissued instrument, the date it first comes into possession of a holder.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-2-5-1 — Indiana Code / Title 26 / Article 2 / Chapter 5 / Section 26-2-5-1
"Construction or design contract"; indemnity agreements against public policy as void and unenforceable; exceptions
Status: in_force

Sec. 1. (a) As used in this section, "construction or design contract" includes a design-build contract under which all of the following for the same project are included:

(1) Architectural, engineering, and related design services.

(2) Labor, materials, and other construction services.

(b) All provisions, clauses, covenants, or agreements contained in, collateral to, or affecting any construction or design contract, except those pertaining to highway contracts, which purport to indemnify the promisee against liability for:

(1) death or bodily injury to persons;

(2) injury to property;

(3) design defects; or

(4) any other loss, damage, or expense arising under subdivision (1), (2), or (3);

from sole negligence or willful misconduct of the promisee are against public policy and are void and unenforceable. Sole negligence does not include vicarious liability, imputed negligence, or assumption of a nondelegable duty.

Formerly: Acts 1975, P.L.276, SEC.1. As amended by P.L.65-2019, SEC.1.
Ind. Code § 26-2-8-112 — Indiana Code / Title 26 / Article 2 / Chapter 8 / Section 26-2-8-112
Admissibility of evidence
Status: in_force

Sec. 112. In a legal proceeding, evidence of an electronic record or electronic signature may not be excluded because it is an electronic record or electronic signature or it is not an original or is not in its original form.

As added by P.L.62-2000, SEC.1.
Ind. Code § 26-1-2-401 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-401
Passing of title; reservation of security; limited application of this section
Status: in_force

Sec. 401. Each provision of IC 26-1-2 with regard to the rights, obligations, and remedies of the seller, the buyer, purchasers, or other third parties applies irrespective of title to the goods, except where the provision refers to such title. Insofar as situations are not covered by the other provisions of IC 26-1-2 and matters concerning title become material, the following rules apply:

(1) Title to goods cannot pass under a contract for sale prior to their identification to the contract (IC 26-1-2-501), and unless otherwise explicitly agreed, the buyer acquires by their identification a special property as limited by IC 26-1. Any retention or reservation by the seller of the title (property) in goods shipped or delivered to the buyer is limited in effect to a reservation of a security interest. Subject to these provisions and to the provisions of IC 26-1-9.1 on secured transactions, title to goods passes from the seller to the buyer in any manner and on any conditions explicitly agreed on by the parties.

(2) Unless otherwise explicitly agreed, title passes to the buyer at the time and place at which the seller completes his performance with reference to the physical delivery of the goods, despite any reservation of a security interest and even though a document of title is to be delivered at a different time or place, and in particular despite any reservation of a security interest by the bill of lading:

(a) if the contract requires or authorizes the seller to send the goods to the buyer but does not require him to deliver them at destination, title passes to the buyer at the time and place of shipment; but

(b) if the contract requires delivery at destination, title passes on tender there.

(3) Unless otherwise explicitly agreed, where delivery is to be made without moving the goods:

(a) if the seller is to deliver a tangible document of title, title passes at the time when and the place where he delivers such documents and if the seller is to deliver an electronic document of title, title passes when the seller delivers the document; or

(b) if the goods are at the time of contracting already identified and no documents of title are to be delivered, title passes at the time and place of contracting.

(4) A rejection or other refusal by the buyer to receive or retain the goods, whether or not justified, or a justified revocation of acceptance revests title to the goods in the seller. Such revesting occurs by operation of law and is not a "sale".

Formerly: Acts 1963, c.317, s.2-401. As amended by P.L.152-1986, SEC.141; P.L.57-2000, SEC.18; P.L.143-2007, SEC.12.
Ind. Code § 26-1-9.1-512 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-512
Amendment of financing statement
Status: in_force

Sec. 512. (a) Subject to IC 26-1-9.1-509, a person may add or delete collateral covered by, continue or terminate the effectiveness of, or, subject to subsection (e), otherwise amend the information provided in, a financing statement by filing an amendment that:

(1) identifies, by its file number, the initial financing statement to which the amendment relates; and

(2) if the amendment relates to an initial financing statement filed or recorded in a filing office described in IC 26-1-9.1-501(a)(1), provides the information specified in IC 26-1-9.1-502(b).

(b) Except as otherwise provided in IC 26-1-9.1-515, the filing of an amendment does not extend the period of effectiveness of the financing statement.

(c) A financing statement that is amended by an amendment that adds collateral is effective as to the added collateral only from the date of the filing of the amendment.

(d) A financing statement that is amended by an amendment that adds a debtor is effective as to the added debtor only from the date of the filing of the amendment.

(e) An amendment is ineffective to the extent it:

(1) purports to delete all debtors and fails to provide the name of a debtor to be covered by the financing statement; or

(2) purports to delete all secured parties of record and fails to provide the name of a new secured party of record.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-2-322 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-322
Delivery "ex-ship"
Status: in_force

Sec. 322. (1) Unless otherwise agreed a term for delivery of goods "ex-ship" (which means from the carrying vessel) or in equivalent language is not restricted to a particular ship and requires delivery from a ship which has reached a place at the named port of destination where goods of the kind are usually discharged.

(2) Under such a term unless otherwise agreed

(a) the seller must discharge all liens arising out of the carriage and furnish the buyer with direction which puts the carrier under a duty to deliver the goods; and

(b) the risk of loss does not pass to the buyer until the goods leave the ship's tackle or are otherwise properly unloaded.

Formerly: Acts 1963, c.317, s.2-322.
Ind. Code § 26-1-9.1-511 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-511
Secured party of record
Status: in_force

Sec. 511. (a) A secured party of record with respect to a financing statement is a person whose name is provided as the name of the secured party or a representative of the secured party in an initial financing statement that has been filed. If an initial financing statement is filed under IC 26-1-9.1-514(a), the assignee named in the initial financing statement is the secured party of record with respect to the financing statement.

(b) If an amendment of a financing statement that provides the name of a person as a secured party or a representative of a secured party is filed, the person named in the amendment is a secured party of record. If an amendment is filed under IC 26-1-9.1-514(b), the assignee named in the amendment is a secured party of record.

(c) A person remains a secured party of record until the filing of an amendment of the financing statement that deletes the person.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-10-106 — Indiana Code / Title 26 / Article 1 / Chapter 10 / Section 26-1-10-106
Repealed
Status: repealed

Formerly: Acts 1963, c.317, s.10-106. Repealed by P.L.93-1985, SEC.41.
Ind. Code § 26-2-8-108 — Indiana Code / Title 26 / Article 2 / Chapter 8 / Section 26-2-8-108
Attribution and effect of electronic record and electronic signature
Status: in_force

Sec. 108. (a) An electronic record or electronic signature is attributable to a person if it was the act of the person. The act of the person may be proved in any manner, including a showing of the efficacy of any security procedure applied to determine the person to which the electronic record or electronic signature was attributable.

(b) The effect of an electronic record or electronic signature attributed to a person under subsection (a) is determined from the context and surrounding circumstances at the time of its creation, execution, or adoption, including the parties' agreement, if any, and otherwise as provided by law.

As added by P.L.62-2000, SEC.1.
Ind. Code § 26-2-3-1 — Indiana Code / Title 26 / Article 2 / Chapter 3 / Section 26-2-3-1
Negotiability by endorsement
Status: in_force

Sec. 1. All promissory notes, bills of exchange, bonds or other instruments in writing, signed by any person who promises to pay money, or acknowledges money to be due, or for the delivery of a specific article, or to convey property, or to perform any stipulation therein mentioned, shall be negotiable by endorsement thereon, so as to vest the property thereof in each endorsee successively.

Formerly: Acts 1861, c.75, s.1.
Ind. Code § 26-1-9.1-902 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-902
Judicial reviews of financing statements; pro se motions
Status: in_force

Sec. 902. (a) A person who believes that a financing statement is fraudulent under section 901 of this chapter may file a motion for judicial review of the financing statement.

(b) If a court determines that a financing statement is fraudulent, the court may:

(1) award the prevailing party all costs related to the review, including:

(A) filing fees;

(B) attorney's fees;

(C) administrative costs; and

(D) other reasonable costs;

(2) declare the financing statement ineffective; and

(3) order the office or agency that possesses the financing statement to terminate or purge the financing statement.

(c) The secretary of state shall create a form to assist pro se individuals with a filing described in this section, and shall post the form on the secretary of state's Internet web site.

As added by P.L.86-2013, SEC.4.
Ind. Code § 26-1-2.1-102 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-102
Scope; transactions creating a lease; hybrid transactions
Status: in_force

Sec. 102. (1) IC 26-1-2.1 applies to any transaction, regardless of form, that creates a lease and, in the case of a hybrid lease, it applies to the extent provided in subsection (2).

(2) In a hybrid lease, the following apply:

(a) If the lease of goods aspects do not predominate:

(i) only the provisions of this chapter that relate primarily to the lease of goods aspects of the transaction apply, and the provisions that relate primarily to the transaction as a whole do not apply;

(ii) section 209 of this chapter applies if the lease is a finance lease; and

(iii) section 407 of this chapter applies to the promises of the lessee in a finance lease to the extent the promises are consideration for the right to possession and use of the leased goods.

(b) If the lease of goods aspects predominate, this chapter applies to the transaction, but does not preclude the application in appropriate circumstances of other law to aspects of the lease that do not relate to the lease of goods.

As added by P.L.189-1991, SEC.3. Amended by P.L.199-2023, SEC.10.
Ind. Code § 26-1-9.1-202 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-202
Title to collateral immaterial
Status: in_force

Sec. 202. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-4-1-2 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-2
Applicability of definitions
Status: in_force

Sec. 2. The definitions in this chapter apply throughout this article.

As added by P.L.250-1995, SEC.1.
Ind. Code § 26-1-3.1-301 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-301
Person entitled to enforce instrument
Status: in_force

Sec. 301. "Person entitled to enforce" an instrument means:

(1) the holder of the instrument;

(2) a nonholder in possession of the instrument who has the rights of a holder; or

(3) a person not in possession of the instrument who is entitled to enforce the instrument under IC 26-1-3.1-309 or IC 26-1-3.1-418(d).

A person may be a person entitled to enforce the instrument even though the person is not the owner of the instrument or is in wrongful possession of the instrument.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-2.1-505 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-505
Cancellation and termination and effect of cancellation, termination, rescission, or fraud on rights and remedies
Status: in_force

Sec. 505. (1) On cancellation of the lease contract, all obligations that are still executory on both sides are discharged, but any right based on prior default or performance survives, and the canceling party also retains any remedy for default of the whole lease contract or any unperformed balance.

(2) On termination of the lease contract, all obligations that are still executory on both sides are discharged but any right based on prior default or performance survives.

(3) Unless the contrary intention clearly appears, expressions of "cancellation," "rescission," or the like of the lease contract may not be construed as a renunciation or discharge of any claim in damages for an antecedent default.

(4) Rights and remedies for material misrepresentation or fraud include all rights and remedies available under IC 26-1-2.1 for default.

(5) Neither rescission nor a claim for rescission of the lease contract nor rejection or return of the goods may bar or be deemed inconsistent with a claim for damages or other right or remedy.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-1-2.1-201 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-201
Statute of frauds
Status: in_force

Sec. 201. (1) A lease contract is not enforceable by way of action or defense unless:

(a) the total payments to be made under the lease contract, excluding payments for options to renew or buy, are less than one thousand dollars ($1,000); or

(b) there is a record, signed by the party against whom enforcement is sought or by that party's authorized agent, sufficient to indicate that a lease contract has been made between the parties and to describe the goods leased and the lease term.

(2) Any description of leased goods or of the lease term is sufficient and satisfies subsection (1)(b), whether or not it is specific, if it reasonably identifies what is described.

(3) A record is not insufficient because it omits or incorrectly states a term agreed upon, but the lease contract is not enforceable under subsection (1)(b) beyond the lease term and the quantity of goods shown in the record.

(4) A lease contract that does not satisfy the requirements of subsection (1), but which is valid in other respects, is enforceable:

(a) if the goods are to be specially manufactured or obtained for the lessee and are not suitable for lease or sale to others in the ordinary course of the lessor's business, and the lessor, before notice of repudiation is received and under circumstances that reasonably indicate that the goods are for the lessee, has made either a substantial beginning of their manufacture or commitments for their procurement;

(b) if the party against whom enforcement is sought admits in that party's pleading, testimony or otherwise in court that a lease contract was made, but the lease contract is not enforceable under this provision beyond the quantity of goods admitted; or

(c) with respect to goods that have been received and accepted by the lessee.

(5) The lease term under a lease contract referred to in subsection (4) is:

(a) if there is a record signed by the party against whom enforcement is sought or by that party's authorized agent specifying the lease term, the term so specified;

(b) if the party against whom enforcement is sought admits in that party's pleading, testimony, or otherwise in court a lease term, the term so admitted; or

(c) a reasonable lease term.

As added by P.L.189-1991, SEC.3. Amended by P.L.199-2023, SEC.13.
Ind. Code § 26-3-7.5-1 — Indiana Code / Title 26 / Article 3 / Chapter 7.5 / Section 26-3-7.5-1
"Agency"
Status: in_force

Sec. 1. As used in this chapter, "agency" refers to the Indiana grain buyers and warehouse licensing agency.

As added by P.L.114-2025, SEC.43.
Ind. Code § 26-1-9.1-107.2 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-107.2
Control on behalf of another person; deposit accounts and authoritative electronic copies of record evidencing chattel paper; acknowledgment not required
Status: in_force

Sec. 107.2. (a) A person that has control under section 104 or 105 of this chapter is not required to acknowledge that it has control on behalf of another person.

(b) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this chapter otherwise provides, the person does not owe any duty to any other person and is not required to confirm the acknowledgment to any other person.

As added by P.L.199-2023, SEC.44.
Ind. Code § 26-4-3-4 — Indiana Code / Title 26 / Article 4 / Chapter 3 / Section 26-4-3-4
Board of directors; quorum
Status: in_force

Sec. 4. (a) Except as provided in subsection (b), six (6) voting members constitute a quorum. The affirmative votes of at least six (6) voting members who are present in person are necessary for any action to be taken by the board.

(b) A meeting may be adjourned by less than six (6) members.

As added by P.L.250-1995, SEC.1. Amended by P.L.115-1999, SEC.4; P.L.114-2025, SEC.60.
Ind. Code § 26-1-9.1-312 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-312
Perfection by permissive filing; perfection only by control or possession; temporary perfection without filing or transfer of possession
Status: in_force

Sec. 312. (a) A security interest in chattel paper, controllable accounts, controllable electronic records, controllable payment intangibles, instruments, investment property, or negotiable documents may be perfected by filing.

(b) Except as otherwise provided in IC 26-1-9.1-315(c) and IC 26-1-9.1-315(d), for proceeds:

(1) a security interest in a deposit account may be perfected only by control under IC 26-1-9.1-314;

(2) except as otherwise provided in IC 26-1-9.1-308(d), a security interest in a letter-of-credit right may be perfected only by control under IC 26-1-9.1-314; and

(3) a security interest in money may be perfected only by the secured party's taking possession under IC 26-1-9.1-313.

(c) While goods are in the possession of a bailee that has issued a negotiable document covering the goods:

(1) a security interest in the goods may be perfected by perfecting a security interest in the document; and

(2) a security interest perfected in the document has priority over any security interest that becomes perfected in the goods by another method during that time.

(d) While goods are in the possession of a bailee that has issued a nonnegotiable document covering the goods, a security interest in the goods may be perfected by:

(1) issuance of a document in the name of the secured party;

(2) the bailee's receipt of notification of the secured party's interest; or

(3) filing as to the goods.

(e) A security interest in certificated securities, negotiable documents, or instruments is perfected without filing or the taking of possession or control for a period of twenty (20) days from the time it attaches to the extent that it arises for new value given under a signed security agreement.

(f) A perfected security interest in a negotiable document or goods in possession of a bailee, other than one that has issued a negotiable document for the goods, remains perfected for twenty (20) days without filing if the secured party makes available to the debtor the goods or documents representing the goods for the purpose of:

(1) ultimate sale or exchange; or

(2) loading, unloading, storing, shipping, transshipping, manufacturing, processing, or otherwise dealing with them in a manner preliminary to their sale or exchange.

(g) A perfected security interest in a certificated security or instrument remains perfected for twenty (20) days without filing if the secured party delivers the security certificate or instrument to the debtor for the purpose of:

(1) ultimate sale or exchange; or

(2) presentation, collection, enforcement, renewal, or registration of transfer.

(h) After the twenty (20) day period specified in subsection (e), (f), or (g) expires, perfection depends upon compliance with IC 26-1-9.1.

As added by P.L.57-2000, SEC.45. Amended by P.L.143-2007, SEC.71; P.L.110-2022, SEC.4; P.L.199-2023, SEC.57.
Ind. Code § 26-4-1-24 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-24
"Warehouse operator"
Status: in_force

Sec. 24. "Warehouse operator" means a person who operates a facility or group of facilities:

(1) in which grain is or may be stored for hire; or

(2) that is used for grain bank storage;

and that is operated under one (1) ownership and run from a single office that holds a valid license under IC 26-3-7 or the United States Warehouse Act.

As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.22.
Ind. Code § 26-4-1-15.7 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-15.7
"Outstanding charges" and "credits and offsets"
Status: in_force

Sec. 15.7. "Outstanding charges" and "credits and offsets" include the following:

(1) Moisture discounts and drying charges.

(2) Foreign material discounts and quality discounts.

(3) Storage charges.

(4) Deferred pricing charges.

(5) Marketing checkoffs.

(6) All other deductions from the gross amount due to the producer on the sale of grain.

As added by P.L.114-2025, SEC.54.
Ind. Code § 26-1-3.1-414 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-414
Obligation of drawer
Status: in_force

Sec. 414. (a) This section does not apply to cashier's checks or other drafts drawn on the drawer.

(b) If an unaccepted draft is dishonored, the drawer is obliged to pay the draft:

(1) according to its terms at the time it was issued or, if not issued, at the time it first came into possession of a holder; or

(2) if the drawer signed an incomplete instrument, according to its terms when completed, to the extent stated in IC 26-1-3.1-115 and IC 26-1-3.1-407.

The obligation is owed to a person entitled to enforce the draft or to an endorser who paid the draft under IC 26-1-3.1-415.

(c) If a draft is accepted by a bank, the drawer is discharged, regardless of when or by whom acceptance was obtained.

(d) If a draft is accepted and the acceptor is not a bank, the obligation of the drawer to pay the draft if the draft is dishonored by the acceptor is the same as the obligation of an endorser under IC 26-1-3.1-415(a) and (c).

(e) If a draft states that it is drawn "without recourse" or otherwise disclaims liability of the drawer to pay the draft, the drawer is not liable under subsection (b) to pay the draft if the draft is not a check. A disclaimer of the liability stated in subsection (b) is not effective if the draft is a check.

(f) If:

(1) a check is not presented for payment or given to a depositary bank for collection within thirty (30) days after its date;

(2) the drawee suspends payments after expiration of the thirty (30) day period without paying the check; and

(3) because of the suspension of payments, the drawer is deprived of funds maintained with the drawee to cover payment of the check;

the drawer to the extent deprived of funds may discharge its obligation to pay the check by assigning to the person entitled to enforce the check the rights of the drawer against the drawee with respect to the funds.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-3.1-415 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-415
Obligation of endorser
Status: in_force

Sec. 415. (a) Subject to subsections (b), (c), and (d) and to IC 26-1-3.1-419(d), if an instrument is dishonored, an endorser is obliged to pay the amount due on the instrument:

(1) according to the terms of the instrument at the time it was endorsed; or

(2) if the endorser endorsed an incomplete instrument, according to its terms when completed, to the extent stated in IC 26-1-3.1-115 and IC 26-1-3.1-407.

The obligation of the endorser is owed to a person entitled to enforce the instrument or to a subsequent endorser who paid the instrument under this section.

(b) If an endorsement states that it is made "without recourse" or otherwise disclaims liability of the endorser, the endorser is not liable under subsection (a) to pay the instrument.

(c) If notice of dishonor of an instrument is required by IC 26-1-3.1-503 and notice of dishonor complying with that section is not given to an endorser, the liability of the endorser under subsection (a) is discharged.

(d) If a draft is accepted by a bank after an endorsement is made, the liability of the endorser under subsection (a) is discharged.

(e) If an endorser of a check is liable under subsection (a) and the check is not presented for payment, or given to a depositary bank for collection, within thirty (30) days after the day the endorsement was made, the liability of the endorser under subsection (a) is discharged.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-9.1-603 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-603
Agreement on standards concerning rights and duties
Status: in_force

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 to refrain from breaching the peace.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-2-104 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-104
"Merchant"; "between merchants"; "financing agency"
Status: in_force

Sec. 104. (1) "Merchant" means a person who deals in goods of the kind or otherwise by his occupation holds himself out as having knowledge or skill peculiar to the practices or goods involved in the transaction or to whom such knowledge or skill may be attributed by his employment of an agent or broker or other intermediary who by his occupation holds himself out as having such knowledge or skill.

(2) "Financing agency" means a bank, finance company, or other person who in the ordinary course of business makes advances against goods or documents of title or who by arrangement with either the seller or the buyer intervenes in ordinary course to make or collect payment due or claimed under the contract for sale, as by purchasing or paying the seller's draft or making advances against it or by merely taking it for collection whether or not documents of title accompany or are associated with the draft. "Financing agency" includes also a bank or other person who similarly intervenes between persons who are in the position of seller and buyer in respect to the goods (IC 26-1-2-707).

(3) "Between merchants" means in any transaction with respect to which both parties are chargeable with the knowledge or skill of merchants.

Formerly: Acts 1963, c.317, s.2-104. As amended by P.L.152-1986, SEC.122; P.L.143-2007, SEC.8.
Ind. Code § 26-1-3.1-603 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-603
Tender of payment
Status: in_force

Sec. 603. (a) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument, the effect of tender is governed by principles of law applicable to tender of payment under a simple contract.

(b) If tender of payment of an obligation to pay an instrument is made to a person entitled to enforce the instrument and the tender is refused, there is discharge, to the extent of the amount of the tender, of the obligation of an endorser or accommodation party having a right of recourse with respect to the obligation to which the tender relates.

(c) If tender of payment of an amount due on an instrument is made to a person entitled to enforce the instrument, the obligation of the obligor to pay interest after the due date on the amount tendered is discharged. If presentment is required with respect to an instrument and the obligor is able and ready to pay on the due date at every place of payment stated in the instrument, the obligor is considered to have made tender of payment on the due date to the person entitled to enforce the instrument.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-2-402 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-402
Rights of seller's creditors against sold goods
Status: in_force

Sec. 402. (1) Except as provided in subsections (2) and (3), rights of unsecured creditors of the seller with respect to goods which have been identified to a contract for sale are subject to the buyer's rights to recover the goods under IC 26-1-2-502 and IC 26-1-2-716.

(2) A creditor of the seller may treat a sale or an identification of goods to a contract for sale as void if as against him a retention of possession by the seller is fraudulent under any rule of law of the state where the goods are situated, except that retention of possession in good faith and current course of trade by a merchant-seller for a commercially reasonable time after a sale or identification is not fraudulent.

(3) Nothing in IC 26-1-2 shall be deemed to impair the rights of creditors of the seller:

(a) under the provisions of IC 26-1-9.1 on secured transactions; or

(b) where identification to the contract or delivery is made not in current course of trade but in satisfaction of or as security for a pre-existing claim for money, security, or the like and is made under circumstances which under any rule of law of the state where the goods are situated would apart from IC 26-1-2 constitute the transaction a fraudulent transfer or voidable preference.

Formerly: Acts 1963, c.317, s.2-402. As amended by P.L.152-1986, SEC.142; P.L.57-2000, SEC.19.
Ind. Code § 26-1-2.1-528 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-528
Lessor's damages for nonacceptance or repudiation
Status: in_force

Sec. 528. (1) Except as otherwise provided with respect to damages liquidated in the lease agreement (IC 26-1-2.1-504) or otherwise determined pursuant to agreement of the parties (IC 26-1-1-102(3) and IC 26-1-2.1-503), if a lessor elects to retain the goods or a lessor elects to dispose of the goods and the disposition is by lease agreement that for any reason does not qualify for treatment under IC 26-1-2.1-527(2), or is by sale or otherwise, the lessor may recover from the lessee as damages for a default of the type described in IC 26-1-2.1-523(1) or IC 26-1-2.1-523(3)(a), or, if agreed, for other default of the lease, (i) accrued and unpaid rent as of the date of default if the lessee has never taken possession of the goods, or, if the lessee has taken possession of the goods, as of the date the lessor repossesses the goods or an earlier date on which the lessee makes a tender of the goods to the lessor, (ii) the present value as of the date determined under clause (i) of the total rent for the then remaining lease term of the original lease agreement minus the present value as of the same date of the market rent at the place where the goods are located computed for the same lease term, and (iii) any incidental damages allowed under IC 26-1-2.1-530, less expenses saved in consequence of the lessee's default.

(2) If the measure of damages provided in subsection (1) is inadequate to put a lessor in as good a position as performance would have, the measure of damages is the present value of the profit, including reasonable overhead, the lessor would have made from full performance by the lessee, together with any incidental damages allowed under IC 26-1-2.1-530, due allowance for costs reasonably incurred and due credit for payments or proceeds of disposition.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-1-3.1-106 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-106
Unconditional promise or order
Status: in_force

Sec. 106. (a) Except as provided in this section, for the purposes of IC 26-1-3.1-104(a), a promise or order is unconditional unless it states:

(1) an express condition to payment;

(2) that the promise or order is subject to or governed by another record; or

(3) that rights or obligations with respect to the promise or order are stated in another record.

A reference to another record does not of itself make the promise or order conditional.

(b) A promise or order is not made conditional:

(1) by a reference to another record for a statement of rights with respect to collateral, prepayment, or acceleration; or

(2) because payment is limited to resort to a particular fund or source.

(c) If a promise or order requires, as a condition to payment, a countersignature by a person whose specimen signature appears on the promise or order, the condition does not make the promise or order conditional for the purposes of IC 26-1-3.1-104(a). If the person whose specimen signature appears on an instrument fails to countersign the instrument, the failure to countersign is a defense to the obligation of the issuer, but the failure does not prevent a transferee of the instrument from becoming a holder of the instrument.

(d) If a promise or order at the time it is issued or first comes into possession of a holder contains a statement, required by applicable statutory or administrative law, to the effect that the rights of a holder or transferee are subject to claims or defenses that the issuer could assert against the original payee, the promise or order is not thereby made conditional for the purposes of IC 26-1-3.1-104(a), but if the promise or order is an instrument, there cannot be a holder in due course of the instrument.

As added by P.L.222-1993, SEC.5. Amended by P.L.135-2009, SEC.3.
Ind. Code § 26-4-1-10 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-10
Repealed
Status: repealed

As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.17; P.L.42-2011, SEC.61. Repealed by P.L.114-2025, SEC.49.
Ind. Code § 26-3-4-4 — Indiana Code / Title 26 / Article 3 / Chapter 4 / Section 26-3-4-4
Violations
Status: in_force

Sec. 4. A person who knowingly violates this chapter commits a Class A misdemeanor.

Formerly: Acts 1897, c.124, s.4. As amended by Acts 1978, P.L.2, SEC.2606.
Ind. Code § 26-1-3.1-105 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-105
Issue of instrument
Status: in_force

Sec. 105. (a) "Issue" means:

(1) the first delivery of an instrument by the maker or drawer, whether to a holder or nonholder, for the purpose of giving rights on the instrument to any person; or

(2) if agreed by the payee, the first transmission by the drawer to the payee of an image of an item and information derived from the item that enables the depository bank to collect the item by transferring or presenting under federal law an electronic check.

(b) An unissued instrument, or an unissued incomplete instrument that is completed, is binding on the maker or drawer, but nonissuance is a defense. An instrument that is conditionally issued or is issued for a special purpose is binding on the maker or drawer, but failure of the condition or special purpose to be fulfilled is a defense.

(c) "Issuer" applies to issued and unissued instruments and means a maker or drawer of an instrument.

As added by P.L.222-1993, SEC.5. Amended by P.L.199-2023, SEC.19.
Ind. Code § 26-2-7-4 — Indiana Code / Title 26 / Article 2 / Chapter 7 / Section 26-2-7-4
Liability for stopping payment or permitting dishonor of checks
Status: in_force

Sec. 4. Subject to section 8 of this chapter, a person found liable under other applicable law is liable under this chapter to the holder of a check if the person executed and delivered the check to another person drawn on or payable at a financial institution and the person does either of the following:

(1) Without valid legal cause stops payment on the check.

(2) Allows the check to be dishonored by a financial institution because of any of the following:

(A) Lack of funds.

(B) Failure to have an account.

(C) Lack of an authorized signature of the drawer or a necessary endorser.

As added by P.L.42-1993, SEC.18.
Ind. Code § 26-1-3.1-310 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-310
Effect of instrument on obligation for which taken
Status: in_force

Sec. 310. (a) Unless otherwise agreed, if a certified check, cashier's check, or teller's check is taken for an obligation, the obligation is discharged to the same extent discharge would result if an amount of money equal to the amount of the instrument were taken in payment of the obligation. Discharge of the obligation does not affect any liability that the obligor may have as an endorser of the instrument.

(b) Unless otherwise agreed and except as provided in subsection (a), if a note or an uncertified check is taken for an obligation, the obligation is suspended to the same extent the obligation would be discharged if an amount of money equal to the amount of the instrument were taken, and the following rules apply:

(1) In the case of an uncertified check, suspension of the obligation continues until dishonor of the check or until it is paid or certified. Payment or certification of the check results in discharge of the obligation to the extent of the amount of the check.

(2) In the case of a note, suspension of the obligation continues until dishonor of the note or until it is paid. Payment of the note results in discharge of the obligation to the extent of the payment.

(3) Except as provided in subdivision (4), if the check or note is dishonored and the obligee of the obligation for which the instrument was taken is the person entitled to enforce the instrument, the obligee may enforce either the instrument or the obligation. In the case of an instrument of a third person which is negotiated to the obligee by the obligor, discharge of the obligor on the instrument also discharges the obligation.

(4) If the person entitled to enforce the instrument taken for an obligation is a person other than the obligee, the obligee may not enforce the obligation to the extent the obligation is suspended. If the obligee is the person entitled to enforce the instrument but no longer has possession of it because it was lost, stolen, or destroyed, the obligation may not be enforced to the extent of the amount payable on the instrument, and to that extent the obligee's rights against the obligor are limited to enforcement of the instrument.

(c) If an instrument other than one described in subsection (a) or (b) is taken for an obligation, the effect is:

(1) that stated in subsection (a) if the instrument is one on which a bank is liable as maker or acceptor; or

(2) that stated in subsection (b) in any other case.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-3-7.5-9 — Indiana Code / Title 26 / Article 3 / Chapter 7.5 / Section 26-3-7.5-9
Enforcement
Status: in_force

Sec. 9. A person who recklessly uses equipment:

(1) to ascertain the moisture of grain in the process of commercial buying or selling of grain; and

(2) that does not bear the seal required by section 4 of this chapter;

commits a Class B misdemeanor.

As added by P.L.114-2025, SEC.43.
Ind. Code § 26-1-5.1-102 — Indiana Code / Title 26 / Article 1 / Chapter 5.1 / Section 26-1-5.1-102
Definitions
Status: in_force

Sec. 102. (a) In IC 26-1-5.1:

(1) "Adviser" means a person who, at the request of the issuer, a confirmer, or another adviser, notifies or requests another adviser to notify the beneficiary that a letter of credit has been issued, confirmed, or amended.

(2) "Applicant" means a person at whose request or for whose account a letter of credit is issued. The term includes a person who requests an issuer to issue a letter of credit on behalf of another if the person making the request undertakes an obligation to reimburse the issuer.

(3) "Beneficiary" means a person who under the terms of a letter of credit is entitled to have its complying presentation honored. The term includes a person to whom drawing rights have been transferred under a transferable letter of credit.

(4) "Confirmer" means a nominated person who undertakes, at the request or with the consent of the issuer, to honor a presentation under a letter of credit issued by another.

(5) "Dishonor" of a letter of credit means failure timely to honor or to take an interim action, such as acceptance of a draft, that may be required by the letter of credit.

(6) "Document" means a draft or other demand, document of title, investment security, certificate, invoice, or other record, statement, or representation of fact, law, right, or opinion which is:

(i) presented in a written or other medium permitted by the letter of credit or, unless prohibited by the letter of credit, by the standard practice referred to in IC 26-1-5.1-108(e); and

(ii) capable of being examined for compliance with the terms and conditions of the letter of credit.

A document may not be oral.

(7) "Good faith" means honesty in fact in the conduct or transaction concerned.

(8) "Honor" of a letter of credit means performance of the issuer's undertaking in the letter of credit to pay or deliver an item of value. Unless the letter of credit otherwise provides, "honor" occurs:

(i) upon payment;

(ii) if the letter of credit provides for acceptance, upon acceptance of a draft and, at maturity, its payment; or

(iii) if the letter of credit provides for incurring a deferred obligation, upon incurring the obligation and, at maturity, its performance.

(9) "Issuer" means a bank or other person that issues a letter of credit, but does not include an individual who makes an engagement for personal, family, or household purposes.

(10) "Letter of credit" means a definite undertaking that satisfies the requirements of IC 26-1-5.1-104 by an issuer to a beneficiary at the request or for the account of an applicant or, in the case of a financial institution, to itself or for its own account, to honor a documentary presentation by payment or delivery of an item of value.

(11) "Nominated person" means a person whom the issuer:

(i) designates or authorizes to pay, accept, negotiate, or otherwise give value under a letter of credit; and

(ii) undertakes by agreement or custom and practice to reimburse.

(12) "Presentation" means delivery of a document to an issuer or nominated person for honor or giving of value under a letter of credit.

(13) "Presenter" means a person making a presentation as or on behalf of a beneficiary or nominated person.

(14) "Record" means information that is inscribed on a tangible medium, or that is stored in an electronic or other medium and is retrievable in perceivable form.

(15) "Successor of a beneficiary" means a person who succeeds to substantially all of the rights of a beneficiary by operation of law, including a corporation with or into which the beneficiary has been merged or consolidated, an administrator, an executor, a personal representative, a trustee in bankruptcy, a debtor in possession, a liquidator, and a receiver.

(b) Other definitions applying to IC 26-1-5.1 and the sections in which they appear are:

"Accept" or "Acceptance". IC 26-1-3.1-409.

"Value". IC 26-1-3.1-303 and IC 26-1-4-211.

(c) IC 26-1 contains certain additional general definitions and principles of construction and interpretation applicable throughout IC 26-1-5.1.

As added by P.L.183-1996, SEC.4.
Ind. Code § 26-1-9.1-604 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-604
Procedure if security agreement covers real property or fixtures
Status: in_force

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 the rights with respect to the real property, in which case the other provisions of IC 26-1-9.1-601 through IC 26-1-9.1-628 do not apply.

(b) Subject to subsection (c), if a security agreement covers goods that are or become fixtures, a secured party may proceed:

(1) under IC 26-1-9.1-601 through IC 26-1-9.1-628; or

(2) in accordance with the rights with respect to real property, in which case the other provisions of IC 26-1-9.1-601 through IC 26-1-9.1-628 do not apply.

(c) Subject to the other provisions of IC 26-1-9.1-601 through IC 26-1-9.1-628, if a secured party holding a security interest in fixtures has priority over all owners and encumbrancers of the real property, the secured party, after default, may remove the collateral from the real property.

(d) A secured party that removes collateral shall promptly reimburse any encumbrancer or owner of the real property, other than the debtor, for the cost of repair of any physical injury caused by the removal. The secured party need not reimburse the encumbrancer or owner for any diminution in value of the real property caused by the absence of the goods removed or by any necessity of replacing them. A person entitled to reimbursement may refuse permission to remove until the secured party gives adequate assurance for the performance of the obligation to reimburse.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-5.1-112 — Indiana Code / Title 26 / Article 1 / Chapter 5.1 / Section 26-1-5.1-112
Transferability
Status: reserved

Sec. 112. (a) Except as otherwise provided in IC 26-1-5.1-113, unless a letter of credit provides that it is transferable, the right of a beneficiary to draw or otherwise demand performance under a letter of credit may not be transferred.

(b) Even if a letter of credit provides that it is transferable, the issuer may refuse to recognize or carry out a transfer if:

(1) the transfer would violate applicable law; or

(2) the transferor or transferee has failed to comply with any requirement stated in the letter of credit or any other requirement relating to transfer imposed by the issuer which is within the standard practice referred to in IC 26-1-5.1-108(e) or is otherwise reasonable under the circumstances.

As added by P.L.183-1996, SEC.4.
Ind. Code § 26-1-3.1-417 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-417
Presentment warranties
Status: in_force

Sec. 417. (a) If an unaccepted draft is presented to the drawee for payment or acceptance and the drawee pays or accepts the draft (i) the person obtaining payment or acceptance, at the time of presentment, and (ii) a previous transferor of the draft, at the time of transfer, warrant to the drawee making payment or accepting the draft in good faith that:

(1) the warrantor is, or was, at the time the warrantor transferred the draft, a person entitled to enforce the draft or authorized to obtain payment or acceptance of the draft on behalf of a person entitled to enforce the draft;

(2) the draft has not been altered;

(3) the warrantor has no knowledge that the signature of the drawer of the draft is unauthorized; and

(4) with respect to a remotely-created consumer item, the person on whose account the item is drawn authorized the issuance of the item in the amount for which the item is drawn.

(b) A drawee making payment may recover from any warrantor damages for breach of warranty equal to the amount paid by the drawee less the amount the drawee received or is entitled to receive from the drawer because of the payment. In addition, the drawee is entitled to compensation for expenses and loss of interest resulting from the breach. The right of the drawee to recover damages under this subsection is not affected by any failure of the drawee to exercise ordinary care in making payment. If the drawee accepts the draft, breach of warranty is a defense to the obligation of the acceptor. If the acceptor makes payment with respect to the draft, the acceptor is entitled to recover from any warrantor for breach of warranty the amounts stated in this subsection.

(c) If a drawee asserts a claim for breach of warranty under subsection (a) based on an unauthorized endorsement of the draft or an alteration of the draft, the warrantor may defend by proving that the endorsement is effective under IC 26-1-3.1-404 or IC 26-1-3.1-405 or the drawer is precluded under IC 26-1-3.1-406 or IC 26-1-4-406 from asserting against the drawee the unauthorized endorsement or alteration.

(d) If (i) a dishonored draft is presented for payment to the drawer or an endorser or (ii) any other instrument is presented for payment to a party obliged to pay the instrument, and (iii) payment is received, the following rules apply:

(1) The person obtaining payment and a prior transferor of the instrument warrant to the person making payment in good faith that the warrantor is, or was, at the time the warrantor transferred the instrument, a person entitled to enforce the instrument or authorized to obtain payment on behalf of a person entitled to enforce the instrument.

(2) The person making payment may recover from any warrantor for breach of warranty an amount equal to the amount paid plus expenses and loss of interest resulting from the breach.

(e) The warranties stated in subsections (a) and (d) cannot be disclaimed with respect to checks. Unless notice of a claim for breach of warranty is given to the warrantor within thirty (30) days after the claimant has reason to know of the breach and the identity of the warrantor, the liability of the warrantor under subsection (b) or (d) is discharged to the extent of any loss caused by the delay in giving notice of the claim.

(f) A cause of action for breach of warranty under this section accrues when the claimant has reason to know of the breach.

As added by P.L.222-1993, SEC.5. Amended by P.L.135-2009, SEC.10.
Ind. Code § 26-1-3.1-311 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-311
Accord and satisfaction by use of instrument
Status: in_force

Sec. 311. (a) If a person against whom a claim is asserted proves that:

(1) that person in good faith tendered an instrument to the claimant as full satisfaction of the claim;

(2) the amount of the claim was unliquidated or subject to a bona fide dispute; and

(3) the claimant obtained payment of the instrument;

the following subsections apply.

(b) Unless subsection (c) applies, the claim is discharged if the person against whom the claim is asserted proves that the instrument or an accompanying written communication contained a conspicuous statement to the effect that the instrument was tendered as full satisfaction of the claim.

(c) Subject to subsection (d), a claim is not discharged under subsection (b) if either of the following applies:

(1) The claimant, if an organization, proves that:

(A) within a reasonable time before the tender, the claimant sent a conspicuous statement to the person against whom the claim is asserted that communications concerning disputed debts, including an instrument tendered as full satisfaction of a debt, are to be sent to a designated person, office, or place; and

(B) the instrument or accompanying communication was not received by that designated person, office, or place.

(2) The claimant, whether or not an organization, proves that within ninety (90) days after payment of the instrument, the claimant tendered repayment of the amount of the instrument to the person against whom the claim is asserted. This subdivision does not apply if the claimant is an organization that sent a statement complying with subdivision (1)(A).

(d) A claim is discharged if the person against whom the claim is asserted proves that within a reasonable time before collection of the instrument was initiated, the claimant, or an agent of the claimant having direct responsibility with respect to the disputed obligation, knew that the instrument was tendered in full satisfaction of the claim.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-4-1-11.5 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-11.5
"Flat price contract"
Status: in_force

Sec. 11.5. "Flat price contract" means a contract that sets a fixed price for a specific delivery requirement, where the price is determined by adding the basis to the futures price of the same commodity, which is set before the futures contract expires.

As added by P.L.114-2025, SEC.51.
Ind. Code § 26-4-1-15.5 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-15.5
"Licensee"
Status: in_force

Sec. 15.5. "Licensee" has the meaning set forth in IC 26-3-7-2(25).

As added by P.L.145-2017, SEC.13. Amended by P.L.208-2021, SEC.9; P.L.23-2026, SEC.262.
Ind. Code § 26-1-4.1-107 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-107
Federal reserve regulations and operating circulars
Status: in_force

Sec. 107. Regulations of the Board of Governors of the Federal Reserve System and operating circulars of the Federal Reserve Banks supersede any inconsistent provision of IC 26-1-4.1 to the extent of the inconsistency.

As added by P.L.189-1991, SEC.4.
Ind. Code § 26-1-2-207 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-207
Additional terms in acceptance or confirmation
Status: in_force

Sec. 207. (1) A definite and seasonable expression of acceptance or a written confirmation which is sent within a reasonable time operates as an acceptance even though it states terms additional to or different from those offered or agreed upon, unless acceptance is expressly made conditional on assent to the additional or different terms.

(2) The additional terms are to be construed as proposals for addition to the contract. Between merchants such terms become part of the contract unless:

(a) the offer expressly limits acceptance to the terms of the offer;

(b) they materially alter it; or

(c) notification of objection to them has already been given or is given within a reasonable time after notice of them is received.

(3) Conduct by both parties which recognizes the existence of a contract is sufficient to establish a contract for sale although the writings of the parties do not otherwise establish a contract. In such case the terms of the particular contract consist of those terms on which the writings of the parties agree, together with any supplementary terms incorporated under any other provisions of this Act.

Formerly: Acts 1963, c.317, s.2-207.
Ind. Code § 26-1-7-303 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-303
Diversion; reconsignment; change of instructions
Status: in_force

Sec. 303. (a) Unless the bill of lading otherwise provides, a carrier may deliver the goods to a person or destination other than that stated in the bill or may otherwise dispose of the goods, without liability for misdelivery, on instructions from:

(1) the holder of a negotiable bill;

(2) the consignor on a nonnegotiable bill even if the consignee has given contrary instructions;

(3) the consignee on a nonnegotiable bill in the absence of contrary instructions from the consignor, if the goods have arrived at the billed destination or if the consignee is in possession of the tangible bill or in control of the electronic bill; or

(4) the consignee on a nonnegotiable bill if the consignee is entitled as against the consignor to dispose of the goods.

(b) Unless instructions described in subsection (a) are included in a negotiable bill of lading, a person to which the bill is duly negotiated may hold the bailee according to the original terms.

Formerly: Acts 1963, c.317, s.7-303. As amended by P.L.143-2007, SEC.42.
Ind. Code § 26-1-2-612 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-612
"Instalment contract"; breach
Status: in_force

Sec. 612. (1) An "instalment contract" is one which requires or authorizes the delivery of goods in separate lots to be separately accepted, even though the contract contains a clause "each delivery is a separate contract or its equivalent.

(2) The buyer may reject any instalment which is non-conforming if the non-conformity substantially impairs the value of that instalment and cannot be cured or if the non-conformity is a defect in the required documents; but if the non-conformity does not fall within subsection (3) and the seller gives adequate assurance of its cure the buyer must accept that instalment.

(3) Whenever non-conformity or default with respect to one (1) or more instalments substantially impairs the value of the whole contract there is a breach of the whole. But the aggrieved party reinstates the contract if he accepts a non-conforming instalment without seasonably notifying of cancellation or if he brings an action with respect only to past instalments or demands performance as to future instalments.

Formerly: Acts 1963, c.317, s.2-612.
Ind. Code § 26-3-8-16 — Indiana Code / Title 26 / Article 3 / Chapter 8 / Section 26-3-8-16
Rights and obligations of parties; limit on value of property stored
Status: in_force

Sec. 16. (a) This chapter does not impair the power of the parties to a rental agreement to create rights, duties, or obligations that do not arise from this chapter. The rights provided to an owner by this chapter are in addition to all other rights provided by law to a creditor against a debtor.

(b) A rental agreement may specify a limit on the value of personal property that may be stored in a renter's rented space. If a rental agreement specifies a limit on the value of stored personal property under this subsection, the limit specified in the rental agreement is considered the maximum value of the renter's personal property stored in the renter's rented space.

As added by P.L.265-1987, SEC.1. Amended by P.L.144-2014, SEC.8.
Ind. Code § 26-1-9.1-611 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-611
Notification by secured party of disposition of collateral
Status: in_force

Sec. 611. (a) As used in this section, "notification date" means the earlier of the date on which:

(1) a secured party sends to the debtor and any secondary obligor a signed notification of disposition; or

(2) the debtor and any secondary obligor waive the right to notification.

(b) Except as otherwise provided in subsection (d), a secured party that disposes of collateral under IC 26-1-9.1-610 shall send to the persons specified in subsection (c) a reasonable signed notification of disposition.

(c) To comply with subsection (b), the secured party shall send a signed notification of disposition to:

(1) the debtor;

(2) any secondary obligor; and

(3) if the collateral is other than consumer goods:

(A) any other person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral;

(B) any other secured party or lienholder that, ten (10) days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

(i) identified the collateral;

(ii) was indexed under the debtor's name as of that date; and

(iii) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and

(C) any other secured party that, ten (10) days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in IC 26-1-9.1-311(a).

(d) Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.

(e) A secured party complies with the requirement for notification prescribed in subsection (c)(3)(B) if:

(1) not later than twenty (20) days or earlier than thirty (30) days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c)(3)(B); and

(2) before the notification date, the secured party:

(A) did not receive a response to the request for information; or

(B) received a response to the request for information and sent a signed notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.

As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.79.
Ind. Code § 26-1-5.1-105 — Indiana Code / Title 26 / Article 1 / Chapter 5.1 / Section 26-1-5.1-105
Consideration
Status: in_force

Sec. 105. Consideration is not required to issue, amend, transfer, or cancel a letter of credit, advice, or confirmation.

As added by P.L.183-1996, SEC.4.
Ind. Code § 26-2-10-2 — Indiana Code / Title 26 / Article 2 / Chapter 10 / Section 26-2-10-2
"Motor vehicle repossession agent"
Status: in_force

Sec. 2. As used in this chapter, "motor vehicle repossession agent" means a person who physically repossesses a motor vehicle or watercraft on behalf of another person or on the person's own behalf.

As added by P.L.38-2009, SEC.1.
Ind. Code § 26-1-7-208 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-208
Altered warehouse receipts
Status: in_force

Sec. 208. If a blank in a negotiable tangible warehouse receipt has been filled in without authority, a good faith purchaser for value and without notice of the lack of authority may treat the insertion as authorized. Any other unauthorized alteration leaves any tangible or electronic warehouse receipt enforceable against the issuer according to its original tenor.

Formerly: Acts 1963, c.317, s.7-208. As amended by P.L.143-2007, SEC.37.
Ind. Code § 26-1-9.1-510 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-510
Effectiveness of filed record
Status: in_force

Sec. 510. (a) A filed record is effective only to the extent that it was filed by a person that may file it under IC 26-1-9.1-509.

(b) A record authorized by one secured party of record does not affect the financing statement with respect to another secured party of record.

(c) A continuation statement that is not filed within the six (6) month period prescribed by IC 26-1-9.1-515(d) is ineffective.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-2-9-5 — Indiana Code / Title 26 / Article 2 / Chapter 9 / Section 26-2-9-5
Repealed
Status: repealed

[Pre-2002 Title 32 Recodification Citation: 32-2-1.5-5.]

As added by P.L.2-2002, SEC.79. Repealed by P.L.76-2011, SEC.3.
Ind. Code § 26-1-7-209 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-209
Warehouse lien
Status: in_force

Sec. 209. (a) A warehouse has a lien against the bailor on the goods covered by a warehouse receipt or storage agreement or on the proceeds thereof in its possession for charges for storage or transportation, including demurrage and terminal charges, insurance, labor, or other charges, present or future, in relation to the goods, and for expenses necessary for preservation of the goods or reasonably incurred in their sale pursuant to law. If the person on whose account the goods are held is liable for similar charges or expenses in relation to other goods whenever deposited and it is stated in the warehouse's receipt or storage agreement that a lien is claimed for charges and expenses in relation to other goods, the warehouse also has a lien against the goods covered by the warehouse receipt or storage agreement or on the proceeds thereof in its possession for the charges and expenses, whether or not the other goods have been delivered by the warehouse. However, as against a person to which a negotiable warehouse receipt is duly negotiated, a warehouse's lien is limited to charges in an amount or at a rate specified in the warehouse receipt or, if no charges are so specified, to a reasonable charge for storage of the specific goods covered by the receipt subsequent to the date of the receipt.

(b) A warehouse may also reserve a security interest against the bailor for the maximum amount specified on the receipt for charges other than those specified in subsection (a), such as for money advanced and interest. The security interest is governed by IC 26-1-9.1 on secured transactions.

(c) A warehouse's lien for charges and expenses under subsection (a) or a security interest under subsection (b) is also effective against any person that entrusted the bailor with possession of the goods that a pledge of them by the bailor to a good faith purchaser for value would have been valid. However, the lien or security interest is not effective against a person that before issuance of a document of title had a legal interest or a perfected security interest in the goods and that did not:

(1) deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor's nominee with:

(A) actual or apparent authority to ship, store, or sell;

(B) power to obtain delivery under section 403 of this chapter; or

(C) power of disposition under IC 26-1-2-403, IC 26-1-2.1-304(2), IC 26-1-2.1-305(2), IC 26-1-9.1-320, or IC 26-1-9.1-321 or any other statute or rule of law; or

(2) acquiesce in the procurement by the bailor or its nominee of any document.

(d) For purposes of this subsection, "household goods" means furniture, furnishings, or personal effects used by the depositor in a dwelling. A warehouse's lien on household goods for charges and expenses in relation to the goods under subsection (a) is also effective against all persons if the depositor was the legal possessor of the goods at the time of deposit.

(e) A warehouse loses its lien on any goods that the warehouse voluntarily delivers or unjustifiably refuses to deliver.

Formerly: Acts 1963, c.317, s.7-209. As amended by P.L.152-1986, SEC.250; P.L.57-2000, SEC.36; P.L.143-2007, SEC.38.
Ind. Code § 26-3-7-37 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-37
Expired
Status: repealed

As added by P.L.145-2017, SEC.11. Expired 7-1-2018 by P.L.145-2017, SEC.11.
Ind. Code § 26-1-8.1-501 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-501
Acquisition of security entitlements
Status: in_force

Sec. 501. (a) "Securities account" means an account to which a financial asset is or may be credited in accordance with an agreement under which the person maintaining the account undertakes to treat the person for whom the account is maintained as entitled to exercise the rights that comprise the financial asset.

(b) Except as otherwise provided in subsections (d) and (e), a person acquires a security entitlement if a securities intermediary:

(1) indicates by book entry that a financial asset has been credited to the person's securities account;

(2) receives a financial asset from the person or acquires a financial asset for the person and, in either case, accepts it for credit to the person's securities account; or

(3) becomes obligated under other law, regulation, or rule to credit a financial asset to the person's securities account.

(c) If a condition of subsection (b) has been met, a person has a security entitlement even though the securities intermediary does not itself hold the financial asset.

(d) If a securities intermediary holds a financial asset for another person, and the financial asset is registered in the name of, payable to the order of, or specially endorsed to the other person, and has not been endorsed to the securities intermediary or in blank, the other person is treated as holding the financial asset directly rather than as having a security entitlement with respect to the financial asset.

(e) Issuance of a security is not establishment of a security entitlement.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-2.1-531 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-531
Standing to sue third parties for injury to goods
Status: in_force

Sec. 531. (1) If a third party so deals with goods that have been identified to a lease contract as to cause actionable injury to a party to the lease contract (a) the lessor has a right of action against the third party, and (b) the lessee also has a right of action against the third party if the lessee:

(i) has a security interest in the goods;

(ii) has an insurable interest in the goods; or

(iii) bears the risk of loss under the lease contract or has since the injury assumed that risk as against the lessor and the goods have been converted or destroyed.

(2) If at the time of the injury the party plaintiff did not bear the risk of loss as against the other party to the lease contract and there is no arrangement between them for disposition of the recovery, the party plaintiff suit or settlement, subject to the party plaintiff's own interest, is as a fiduciary for the other party to the lease contract.

(3) Either party with the consent of the other may sue for the benefit of whom it may concern.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-1-4.1-206 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-206
Transmission of payment order through funds-transfer or other communication system
Status: in_force

Sec. 206. (a) If a payment order addressed to a receiving bank is transmitted to a funds-transfer system or other third-party communication system for transmittal to the bank, the system is deemed to be an agent of the sender for the purpose of transmitting the payment order to the bank. If there is a discrepancy between the terms of the payment order transmitted to the system and the terms of the payment order transmitted by the system to the bank, the terms of the payment order of the sender are those transmitted by the system. This section does not apply to a funds-transfer system of the Federal Reserve Banks.

(b) This section applies to cancellations and amendments of payment orders to the same extent it applies to payment orders.

As added by P.L.189-1991, SEC.4.
Ind. Code § 26-1-4.1-101 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-101
Short title
Status: in_force

Sec. 101. IC 26-1-4.1 may be cited as the Uniform Commercial Code-Funds Transfers.

As added by P.L.189-1991, SEC.4.
Ind. Code § 26-1-3.1-114 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-114
Contradictory terms of instrument
Status: in_force

Sec. 114. If an instrument contains contradictory terms, typewritten terms prevail over printed terms, handwritten terms prevail over both, and words prevail over numbers.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-9.1-326.1 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-326.1
Priority of security interest in controllable account, controllable electronic record, or controllable payment intangible
Status: in_force

Sec. 326.1. A security interest in a controllable account, a controllable electronic record, or a controllable payment intangible held by a secured party having control of the account, electronic record, or payment intangible has priority over a conflicting security interest held by a secured party that does not have control.

As added by P.L.199-2023, SEC.65.
Ind. Code § 26-1-2.1-206 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-206
Offer and acceptance in formation of lease contract
Status: in_force

Sec. 206. (1) Unless otherwise unambiguously indicated by the language or circumstances, an offer to make a lease contract must be construed as inviting acceptance in any manner and by any medium reasonable in the circumstances.

(2) If the beginning of a requested performance is a reasonable mode of acceptance, an offeror who is not notified of acceptance within a reasonable time may treat the offer as having lapsed before acceptance.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-1-3.1-408 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-408
Drawee not liable on unaccepted draft
Status: in_force

Sec. 408. A check or other draft does not of itself operate as an assignment of funds in the hands of the drawee available for its payment, and the drawee is not liable on the instrument until the drawee accepts it.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-5.1-106 — Indiana Code / Title 26 / Article 1 / Chapter 5.1 / Section 26-1-5.1-106
Time and effect of establishment of credit; expiration
Status: in_force

Sec. 106. (a) A letter of credit is issued and becomes enforceable according to its terms against the issuer when the issuer sends or otherwise transmits it to the person requested to advise or to the beneficiary. A letter of credit is revocable only if it so provides.

(b) After a letter of credit is issued, rights and obligations of a beneficiary, applicant, confirmer, and issuer are not affected by an amendment or cancellation to which that person has not consented except to the extent the letter of credit provides that it is revocable or that the issuer may amend or cancel the letter of credit without that consent.

(c) If there is no stated expiration date or other provision that determines its duration, a letter of credit expires one (1) year after its stated date of issuance or, if none is stated, after the date on which it is issued.

(d) A letter of credit that states that it is perpetual expires five (5) years after its stated date of issuance, or if none is stated, after the date on which it is issued.

As added by P.L.183-1996, SEC.4.
Ind. Code § 26-1-9.1-622 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-622
Effect of acceptance of collateral
Status: in_force

Sec. 622. (a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:

(1) discharges the obligation to the extent consented to by the debtor;

(2) transfers to the secured party all of a debtor's rights in the collateral;

(3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and

(4) terminates any other subordinate interest.

(b) A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with IC 26-1-9.1.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-3-7-12 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-12
Insurance; filing of certificate; settlement with depositor in case of destruction
Status: in_force

Sec. 12. (a) Each applicant for a license under this chapter shall, as a condition to the granting of the license, file or have on file a certificate of insurance evidencing an effective policy of insurance issued by an insurance company authorized to do business in Indiana insuring in the name of the applicant all grain that is or may be in the licensee's facilities for its full market value against loss by fire, internal explosion, lightning, and windstorm.

(b) In case fire, internal explosion, lightning, or wind-storm destroys or damages any grain in a licensed facility, the licensee shall, upon demand by the depositor and upon being presented with the receipt or other evidence of ownership, make settlement, after deducting the licensee's charges and advances, at the market value of the grain based on the value at the average price paid for grain of the same grade and quality on the date of the loss at the location of the facility. If a settlement is not made within sixty (60) days from the date of demand, the depositor is entitled to seek recovery from the insurance company.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1975, P.L.277, SEC.8. As amended by P.L.125-1997, SEC.30.
Ind. Code § 26-1-2.1-207 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-207
Repealed
Status: repealed

As added by P.L.189-1991, SEC.3. Repealed by P.L.143-2007, SEC.78.
Ind. Code § 26-1-2.1-518 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-518
Cover; substitute goods
Status: in_force

Sec. 518. (1) After a default by a lessor under the lease contract of the type described in IC 26-1-2.1-508(1), or, if agreed, after other default by the lessor, the lessee may cover by making any purchase or lease of or contract to purchase or lease goods in substitution for those due from the lessor.

(2) Except as otherwise provided with respect to damages liquidated in the lease agreement (IC 26-1-2.1-504) or otherwise determined pursuant to agreement of the parties (IC 26-1-1-102(3) and IC 26-1-2.1-503), if a lessee's cover is by lease agreement substantially similar to the original lease agreement and the new lease agreement is made in good faith and in a commercially reasonable manner, the lessee may recover from the lessor as damages (i) the present value, as of the date of the commencement of the term of the new lease agreement of the rent under the new lease agreement applicable to that period of the new lease term which is comparable to the then remaining term of the original lease agreement minus the present value as of the same date of the total rent for the then remaining lease term of the original lease agreement, and (ii) any incidental or consequential damages, less expenses saved in consequence of the lessor's default.

(3) If a lessee's cover is by lease agreement that for any reason does not qualify for treatment under subsection (2), or is by purchase or otherwise, the lessee may recover from the lessor as if the lessee had elected not to cover and IC 26-1-2.1-519 governs.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-1-2.1-512 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-512
Lessee's duties as to rightfully rejected goods
Status: in_force

Sec. 512. (1) Except as otherwise provided with respect to goods that threaten to decline in value speedily (IC 26-1-2.1-511) and subject to any security interest of a lessee (IC 26-1-2.1-508(5)):

(a) the lessee, after rejection of goods in the lessee's possession, shall hold them with reasonable care at the lessor's or the supplier's disposition for a reasonable time after the lessee's seasonable notification of rejection;

(b) if the lessor or the supplier gives no instructions within a reasonable time after notification of rejection, the lessee may store the rejected goods for the lessor's or the supplier's account or ship them to the lessor or the supplier or dispose of them for the lessor's or the supplier's account with reimbursement in the manner provided in IC 26-1-2.1-511; but

(c) the lessee has no further obligations with regard to goods rightfully rejected.

(2) Action by the lessee pursuant to subsection (1) is not acceptance or conversion.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-1-1-104 — Indiana Code / Title 26 / Article 1 / Chapter 1 / Section 26-1-1-104
Construction against implicit repeal
Status: repealed

Sec. 104. IC 26-1 being a general statute intended as a unified coverage of its subject matter, no part of it shall be deemed to be impliedly repealed by subsequent legislation if such construction can reasonably be avoided.

Formerly: Acts 1963, c.317, s.1-104. As amended by P.L.152-1986, SEC.113.
Ind. Code § 26-1-12-105 — Indiana Code / Title 26 / Article 1 / Chapter 12 / Section 26-1-12-105
Control of controllable electronic record; exclusive power; control on behalf of a person
Status: in_force

Sec. 105. (a) A person has control of a controllable electronic record if the electronic record, a record attached to or logically associated with the electronic record, or a system in which the electronic record is recorded:

(1) gives the person:

(A) power to avail itself of substantially all the benefit from the electronic record; and

(B) exclusive power, subject to subsection (b), to:

(i) prevent others from availing themselves of substantially all the benefit from the electronic record; and

(ii) transfer control of the electronic record to another person or cause another person to obtain control of another controllable electronic record as a result of the transfer of the electronic record; and

(2) enables the person readily to identify itself in any way, including by name, identifying number, cryptographic key, office, or account number, as having powers specified in subdivision (1).

(b) Subject to subsection (c), a power is exclusive under subsection (a)(1)(B)(i) and (a)(1)(B)(ii) even if:

(1) the controllable electronic record, a record attached to or logically associated with the electronic record, or a system in which the electronic record is recorded limits the use of the electronic record or has a protocol programmed to cause a change, including a transfer or loss of control or a modification of benefits afforded by the electronic record; or

(2) the power is shared with another person.

(c) A power of a person is not shared with another person under subsection (b)(2) and the person's power is not exclusive if:

(1) the person can exercise the power only if the power also is exercised by the other person; and

(2) the other person:

(A) can exercise the power without exercise of the power by the person; or

(B) is the transferor to the person of an interest in the controllable electronic record or in a controllable account or controllable payment intangible evidenced by the controllable electronic record.

(d) If a person has the powers specified in subsection (a)(1)(B)(i) and (a)(1)(B)(ii), the powers are presumed to be exclusive.

(e) A person has control of a controllable electronic record if another person, other than the transferor to the person of an interest in the controllable electronic record, or in a controllable account or controllable payment intangible evidenced by the controllable electronic record:

(1) has control of the electronic record and acknowledges that it has control on behalf of the person; or

(2) obtains control of the electronic record after having acknowledged that it will obtain control of the electronic record on behalf of the person.

(f) A person that has control under this section is not required to acknowledge that it has control on behalf of another person.

(g) If a person acknowledges that it has or will obtain control on behalf of another person, unless the person otherwise agrees or law other than this chapter or IC 26-1-9.1 otherwise provides, the person does not owe any duty to any other person and is not required to confirm the acknowledgment to any other person.

As added by P.L.199-2023, SEC.90.
Ind. Code § 26-1-9.1-807 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-807
Person entitled to file initial financing statement or continuation statement
Status: in_force

Sec. 807. A person may file an initial financing statement or a continuation statement under this chapter if:

(1) the secured party of record authorizes the filing; and

(2) the filing is necessary under this chapter:

(A) to continue the effectiveness of a financing statement filed before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013); or

(B) to perfect or continue the perfection of a security interest.

As added by P.L.54-2011, SEC.26. Amended by P.L.6-2012, SEC.184.
Ind. Code § 26-1-5.1-104 — Indiana Code / Title 26 / Article 1 / Chapter 5.1 / Section 26-1-5.1-104
Form of issuance; signed record
Status: in_force

Sec. 104. A letter of credit, confirmation, advice, transfer, amendment, or cancellation may be issued in any form that is a signed record.

As added by P.L.183-1996, SEC.4. Amended by P.L.199-2023, SEC.31.
Ind. Code § 26-3-7-3.5 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-3.5
Computing time
Status: in_force

Sec. 3.5. When computing any period of time under this chapter, including the time of service of a notice, the computation must comply with IC 4-21.5-3-2.

As added by P.L.114-2025, SEC.4.
Ind. Code § 26-1-4.1-405 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-405
Payment by beneficiary's bank to beneficiary
Status: in_force

Sec. 405. (a) If the beneficiary's bank credits an account of the beneficiary of a payment order, payment of the bank's obligation under IC 26-1-4.1-404(a) occurs when and to the extent (i) the beneficiary is notified of the right to withdraw the credit, (ii) the bank lawfully applies the credit to a debt of the beneficiary, or (iii) funds with respect to the order are otherwise made available to the beneficiary by the bank.

(b) If the beneficiary's bank does not credit an account of the beneficiary of a payment order, the time when payment of the bank's obligation under IC 26-1-4.1-404(a) occurs is governed by principles of law that determine when an obligation is satisfied.

(c) Except as stated in subsections (d) and (e), if the beneficiary's bank pays the beneficiary of a payment order under a condition to payment or agreement of the beneficiary giving the bank the right to recover payment from the beneficiary if the bank does not receive payment of the order, the condition to payment or agreement is not enforceable.

(d) A funds-transfer system rule may provide that payments made to beneficiaries of funds transfers made through the system are provisional until receipt of payment by the beneficiary's bank of the payment order it accepted. A beneficiary's bank that makes a payment that is provisional under the rule is entitled to refund from the beneficiary if (i) the rule requires that both the beneficiary and the originator be given notice of the provisional nature of the payment before the funds transfer is initiated, (ii) the beneficiary, the beneficiary's bank and the originator's bank agreed to be bound by the rule, and (iii) the beneficiary's bank did not receive payment of the payment order that it accepted. If the beneficiary is obliged to refund payment to the beneficiary's bank, acceptance of the payment order by the beneficiary's bank is nullified and no payment by the originator of the funds transfer to the beneficiary occurs under IC 26-1-4.1-406.

(e) This subsection applies to a funds transfer that includes a payment order transmitted over a funds-transfer system that (i) nets obligations multilaterally among participants, and (ii) has in effect a loss-sharing agreement among participants for the purpose of providing funds necessary to complete settlement of the obligations of one or more participants that do not meet their settlement obligations. If the beneficiary's bank in the funds transfer accepts a payment order and the system fails to complete settlement pursuant to its rules with respect to any payment order in the funds transfer, (i) the acceptance by the beneficiary's bank is nullified and no person has any right or obligation based on the acceptance, (ii) the beneficiary's bank is entitled to recover payment from the beneficiary, (iii) no payment by the originator to the beneficiary occurs under IC 26-1-4.1-406, and (iv) subject to IC 26-1-4.1-402(e), each sender in the funds transfer is excused from its obligation to pay its payment order under IC 26-1-4.1-402(c) because the funds transfer has not been completed.

As added by P.L.189-1991, SEC.4.
Ind. Code § 26-1-5.1-118 — Indiana Code / Title 26 / Article 1 / Chapter 5.1 / Section 26-1-5.1-118
Security interest of issuer or nominated person
Status: in_force

Sec. 118. (a) An issuer or nominated person has a security interest in a document presented under a letter of credit to the extent that the issuer or nominated person honors or gives value for the presentation.

(b) So long as and to the extent that an issuer or nominated person has not been reimbursed or has not otherwise recovered the value given with respect to a security interest in a document under subsection (a), the security interest continues and is subject to IC 26-1-9.1, but:

(1) a security agreement is not necessary to make the security interest enforceable under IC 26-1-9.1-203(b)(3);

(2) if the document is presented in a medium other than a written or other tangible medium, the security interest is perfected; and

(3) if the document is presented in a written or other tangible medium and is not a certificated security, chattel paper, a document of title, an instrument, or a letter of credit, the security interest is perfected and has priority over a conflicting security interest in the document so long as the debtor does not have possession of the document.

As added by P.L.57-2000, SEC.32.
Ind. Code § 26-3-8-9.8 — Indiana Code / Title 26 / Article 3 / Chapter 8 / Section 26-3-8-9.8
Designation of alternative contact
Status: in_force

Sec. 9.8. In addition to the statement required by section 11(c) of this chapter, a rental agreement under this chapter must include space for the renter to designate an alternative contact to receive notices required by this chapter. The failure or refusal of a renter to designate an alternative contact does not affect a renter's or an owner's rights or remedies under this chapter or under any other law. An alternative contact designated by a renter does not have any rights to:

(1) access the rented space; or

(2) the personal property stored in the rented space;

unless expressly stated otherwise in the rental agreement.

As added by P.L.93-2023, SEC.2.
Ind. Code § 26-1-2-315 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-315
Implied warranty; fitness for particular purpose
Status: in_force

Sec. 315. Where the seller at the time of contracting has reason to know any particular purpose for which the goods are required and that the buyer is relying on the seller's skill or judgment to select or furnish suitable goods, there is, unless excluded or modified under IC 26-1-2-316, an implied warranty that the goods shall be fit for such purpose.

Formerly: Acts 1963, c.317, s.2-315. As amended by P.L.152-1986, SEC.136.
Ind. Code § 26-1-7-102 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-102
Definitions and index of definitions
Status: in_force

Sec. 102. (a) In this chapter unless the context otherwise requires:

(1) "Bailee" means a person that by a warehouse receipt, bill of lading, or other document of title acknowledges possession of goods and contracts to deliver them.

(2) "Carrier" means a person that issues a bill of lading.

(3) "Consignee" means a person named in a bill of lading to which or to whose order the bill promises delivery.

(4) "Consignor" means a person named in a bill of lading as the person from which the goods have been received for shipment.

(5) "Delivery order" means a record that contains an order to deliver goods directed to a warehouse, carrier, or other person that in the ordinary course of business issues warehouse receipts or bills of lading.

(6) "Good faith" means honesty in fact and the observance of reasonable commercial standards of fair dealing.

(7) "Goods" means all things that are treated as movable for the purposes of a contract for storage or transportation.

(8) "Issuer" means a bailee that issues a document of title or, in the case of an unaccepted delivery order, the person that orders the possessor of goods to deliver. The term includes a person for which an agent or employee purports to act in issuing a document if the agent or employee has real or apparent authority to issue documents, even if the issuer did not receive any goods, the goods were misdescribed, or in any other respect the agent or employee violated the issuer's instructions.

(9) "Person entitled under the document" means the holder, in the case of a negotiable document of title, or the person to which delivery of the goods is to be made by the terms of, or pursuant to instructions in a record under, a nonnegotiable document of title.

(10) [Reserved.]

(11) "Shipper" means a person that enters into a contract of transportation with a carrier.

(12) [Reserved.]

(13) "Warehouse" means a person engaged in the business of storing goods for hire.

(b) Other definitions applying to this chapter and the sections in which they appear are:

"Duly negotiate". IC 26-1-7-501.

"Contract for sale". IC 26-1-2-106.

"Lessee in the ordinary course of business". IC 26-1-2.1-103(o).

"Receipt" of goods. IC 26-1-2-103.

(c) In addition, IC 26-1-1 contains general definitions and principles of construction and interpretation applicable throughout this chapter.

Formerly: Acts 1963, c.317, s.7-102. As amended by P.L.152-1986, SEC.245; P.L.143-2007, SEC.25; P.L.199-2023, SEC.33.
Ind. Code § 26-3-8-12 — Indiana Code / Title 26 / Article 3 / Chapter 8 / Section 26-3-8-12
Enforcement of owner's lien; notice; towing of motor vehicle, trailer, or watercraft
Status: in_force

Sec. 12. (a) After a renter has been in default continuously for at least five (5) days, an owner may begin enforcement of the owner's lien under this chapter.

(b) An owner enforcing the owner's lien under this chapter may:

(1) deny the renter access to the self-service storage facility, including access to the rented space; and

(2) move the renter's personal property from the rented space to another storage space pending the redemption, sale, or other disposition of the personal property under this chapter.

(c) An owner enforcing the owner's lien shall send the renter, by electronic mail or verified mail and addressed to the last known address of the renter, a written notice that includes:

(1) an itemized statement of the owner's claim showing the amount due at the time of the notice and the date when the amount became due;

(2) a demand for payment of the amount due before a specified time at least thirty (30) days after the date of the mailing of the notice;

(3) a statement that the contents of the renter's rented space are subject to the owner's lien;

(4) a statement advising the renter that the owner has denied the renter access to the rented space, if the owner has done this under subsection (b);

(5) a statement advising the renter that the owner has removed the renter's personal property from the rented space to another suitable storage space, if the owner has done this under subsection (b);

(6) the name, street address, and telephone number of the owner or of any other person the renter may contact to respond to the notice; and

(7) a conspicuous statement that unless the owner's claim is paid within the time stated under subdivision (2), the personal property:

(A) will:

(i) be advertised to be sold in a manner permitted under section 15 of this chapter; or

(ii) be otherwise disposed of;

at a specified place (if applicable) and time, which must be at least sixty (60) days after the renter's default; or

(B) will be disposed of in the manner described in subsection (d), if:

(i) the renter's personal property stored in the rented space is a motor vehicle, trailer, or watercraft; and

(ii) the owner chooses to dispose of the renter's motor vehicle, trailer, or watercraft in the manner permitted under subsection (d).

(d) If:

(1) the renter's personal property stored in the rented space is a motor vehicle, trailer, or watercraft; and

(2) the renter does not pay the owner's claim within the time specified in subsection (c)(2) or is in default for at least sixty (60) days;

as an alternative to conducting a sale under section 15 of this chapter, the owner may cause the renter's motor vehicle, trailer, or watercraft to be towed or removed from the self-service storage facility.

(e) Any sale or other disposition of the personal property undertaken by the owner to enforce the owner's lien must be conducted in the same manner, and at the same place (if applicable) and time, specified by the owner in the notice given under subsection (c)(7).

As added by P.L.265-1987, SEC.1. Amended by P.L.144-2014, SEC.5; P.L.93-2023, SEC.3; P.L.81-2026, SEC.8.
Ind. Code § 26-1-3.1-407 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-407
Alteration
Status: in_force

Sec. 407. (a) "Alteration" means:

(1) an unauthorized change in an instrument that purports to modify in any respect the obligation of a party; or

(2) an unauthorized addition of words or numbers or other change to an incomplete instrument relating to the obligation of a party.

(b) Except as provided in subsection (c), an alteration fraudulently made discharges a party whose obligation is affected by the alteration unless that party assents or is precluded from asserting the alteration. No other alteration discharges a party, and the instrument may be enforced according to its original terms.

(c) A payor bank or drawee paying a fraudulently altered instrument or a person taking it for value, in good faith and without notice of the alteration, may enforce rights with respect to the instrument:

(1) according to its original terms; or

(2) in the case of an incomplete instrument altered by unauthorized completion, according to its terms as completed.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-9.1-704 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-704
Security interest unperfected before effective date
Status: in_force

Sec. 704. A security interest that is enforceable immediately before IC 26-1-9.1 takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:

(1) remains an enforceable security interest for one (1) year after IC 26-1-9.1 takes effect;

(2) remains enforceable thereafter if the security interest becomes enforceable under IC 26-1-9.1-203 when IC 26-1-9.1 takes effect or within one (1) year thereafter; and

(3) becomes perfected:

(A) without further action, when IC 26-1-9.1 takes effect if the applicable requirements for perfection under IC 26-1-9.1 are satisfied before or at that time; or

(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-2-327 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-327
Special incidents of sale on approval and sale or return
Status: in_force

Sec. 327. (1) Under a sale on approval unless otherwise agreed

(a) although the goods are identified to the contract the risk of loss and the title do not pass to the buyer until acceptance; and

(b) use of the goods consistent with the purpose of trial is not acceptance but failure seasonably to notify the seller of election to return the goods is acceptance, and if the goods conform to the contract acceptance of any part is acceptance of the whole; and

(c) after due notification of election to return, the return is at the seller's risk and expense but a merchant buyer must follow any reasonable instructions.

(2) Under a sale or return unless otherwise agreed

(a) the option to return extends to the whole or any commercial unit of the goods while in substantially their original condition, but must be exercised seasonably; and

(b) the return is at the buyer's risk and expense.

Formerly: Acts 1963, c.317, s.2-327.
Ind. Code § 26-1-8.1-101 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-101
Short title
Status: in_force

Sec. 101. IC 26-1-8.1 may be cited as Uniform Commercial Code─Investment Securities.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-2-319 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-319
F.O.B. and F.A.S. terms
Status: in_force

Sec. 319. (1) Unless otherwise agreed, the term F.O.B. (which means "free on board") at a named place, even though used only in connection with the stated price, is a delivery term under which:

(a) when the term is F.O.B. the place of shipment, the seller must at that place ship the goods in the manner provided in IC 26-1-2-504 and bear the expense and risk of putting them into the possession of the carrier; or

(b) when the term is F.O.B. the place of destination, the seller must at his own expense and risk transport the goods to that place and there tender delivery of them in the manner provided in IC 26-1-2-503;

(c) when under either subdivision (a) or (b) the term is also F.O.B. vessel, car, or other vehicle, the seller must in addition at his own expense and risk load the goods on board. If the term is F.O.B. vessel, the buyer must name the vessel and in an appropriate case, the seller must comply with the provisions of IC 26-1-2-323 on the form of bill of lading.

(2) Unless otherwise agreed, the term F.A.S. vessel (which means "free alongside") at a named port, even though used only in connection with the stated price, is a delivery term under which the seller must:

(a) at his own expense and risk deliver the goods alongside the vessel in the manner usual in that port or on a dock designated and provided by the buyer; and

(b) obtain and tender a receipt for the goods in exchange for which the carrier is under a duty to issue a bill of lading.

(3) Unless otherwise agreed in any case falling within subsection (1)(a), (1)(c), or (2), the buyer must seasonably give any needed instructions for making delivery, including when the term is F.A.S. or F.O.B., the loading berth of the vessel, and in an appropriate case, its name and sailing date. The seller may treat the failure of needed instructions as a failure of cooperation under IC 26-1-2-311. He may also at his option move the goods in any reasonable manner preparatory to delivery or shipment.

(4) Under the term F.O.B. vessel or F.A.S., unless otherwise agreed, the buyer must make payment against tender of the required documents, and the seller may not tender nor the buyer demand delivery of the goods and substitution for the documents.

Formerly: Acts 1963, c.317, s.2-319. As amended by P.L.152-1986, SEC.137.
Ind. Code § 26-1-8.1-305 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-305
Incomplete instructions; obligations imposed on person initiating instructions
Status: in_force

Sec. 305. (a) If an instruction has been originated by an appropriate person but is incomplete in any other respect, any person may complete it as authorized and the issuer may rely on it as completed, even though it has been completed incorrectly.

(b) Unless otherwise agreed, a person initiating an instruction assumes only the obligations imposed by IC 26-1-8.1-108 and not an obligation that the security will be honored by the issuer.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-4-3-8.7 — Indiana Code / Title 26 / Article 4 / Chapter 3 / Section 26-4-3-8.7
Violating confidentiality agreement
Status: in_force

Sec. 8.7. (a) If a board member is found to have violated the terms of a confidentiality agreement entered into under this chapter, the board member forfeits the member's appointment to the board and shall be removed as a member of the board.

(b) If a board member is suspected of violating the terms of the confidentiality agreement, the matter must be referred to the office of the attorney general for an evaluation and determination.

As added by P.L.208-2021, SEC.13.
Ind. Code § 26-1-2.1-208 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-208
Modification, rescission, and waiver
Status: in_force

Sec. 208. (1) An agreement modifying a lease contract needs no consideration to be binding.

(2) A signed lease agreement that excludes modification or rescission except by a signed record may not be otherwise modified or rescinded, but, except as between merchants, such a requirement on a form supplied by a merchant must be separately signed by the other party.

(3) Although an attempt at modification or rescission does not satisfy the requirements of subsection (2), it may operate as a waiver.

(4) A party who has made a waiver affecting an executory portion of a lease contract may retract the waiver by reasonable notification received by the other party that strict performance will be required of any term waived, unless the retraction would be unjust in view of a material change of position in reliance on the waiver.

As added by P.L.189-1991, SEC.3. Amended by P.L.199-2023, SEC.17.
Ind. Code § 26-4-1-8.1 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-8.1
"Deferred pricing"
Status: in_force

Sec. 8.1. "Deferred pricing" means a purchase by a buyer where title to the grain passes to the buyer, in which the actual dollar price to be paid to the seller is not to be determined at the time the grain is received by the buyer or less than twenty-one (21) days of that receipt.

As added by P.L.114-2025, SEC.48.
Ind. Code § 26-1-3.1-111 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-111
Place of payment
Status: in_force

Sec. 111. Except as otherwise provided for items in IC 26-1-4, an instrument is payable at the place of payment stated in the instrument. If no place of payment is stated, an instrument is payable at the address of the drawee or maker stated in the instrument. If no address is stated, the place of payment is the place of business of the drawee or maker. If a drawee or maker has more than one (1) place of business, the place of payment is any place of business of the drawee or maker chosen by the person entitled to enforce the instrument. If the drawee or maker has no place of business, the place of payment is the residence of the drawee or maker.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-8.1-406 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-406
Failure to notify issuer of lost, destroyed, or wrongfully taken certificates
Status: in_force

Sec. 406. If a security certificate has been lost, apparently destroyed, or wrongfully taken, and the owner fails to notify the issuer of that fact within a reasonable time after the owner has notice of it and the issuer registers a transfer of the security before receiving notification, the owner may not assert against the issuer a claim for registering the transfer under IC 26-1-8.1-404 or a claim to a new security certificate under IC 26-1-8.1-405.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-9.1-623 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-623
Right to redeem collateral
Status: in_force

Sec. 623. (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.

(b) To redeem collateral, a person shall tender:

(1) fulfillment of all obligations secured by the collateral; and

(2) the reasonable expenses and attorney's fees described in IC 26-1-9.1-615(a)(1).

(c) A redemption may occur at any time before a secured party:

(1) has collected collateral under IC 26-1-9.1-607;

(2) has disposed of collateral or entered into a contract for its disposition under IC 26-1-9.1-610; or

(3) has accepted collateral in full or partial satisfaction of the obligation it secures under IC 26-1-9.1-622.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-2-204 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-204
Formation in general
Status: in_force

Sec. 204. (1) A contract for sale of goods may be made in any manner sufficient to show agreement, including conduct by both parties which recognizes the existence of such a contract.

(2) An agreement sufficient to constitute a contract for sale may be found even though the moment of its making is undetermined.

(3) Even though one or more terms are left open a contract for sale does not fail for indefiniteness if the parties have intended to make a contract and there is a reasonably certain basis for giving an appropriate remedy.

Formerly: Acts 1963, c.317, s.2-204.
Ind. Code § 26-2-11-2 — Indiana Code / Title 26 / Article 2 / Chapter 11 / Section 26-2-11-2
"Collateral"
Status: in_force

Sec. 2. As used in this chapter, "collateral" means any personal property that is subject to a security, lease, or rental agreement. The term does not include a recreational vehicle permanently attached to a foundation and used as a primary residence.

As added by P.L.81-2026, SEC.7.
Ind. Code § 26-3-7-4.1 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-4.1
Renewal application
Status: in_force

Sec. 4.1. (a) The agency shall mail by first class mail or send electronically a renewal application, which must include a listing of all the licensee's facilities, to each licensee before the end of the licensee's fiscal year. The renewal application form must be completed and returned to the agency not later than ninety (90) days after the end of the licensee's fiscal year. The licensee must forward, with the renewal application, the following:

(1) Current review level or audit level financial statement that:

(A) is prepared by an independent accountant certified under IC 25-2.1; and

(B) complies with generally accepted United States accounting principles.

(2) Updated financial profile form supplied by the agency.

(3) Appropriate license fee.

(b) A renewal application must contain the information as required under rules adopted by the agency. The licensee shall receive an annual renewal license application form appropriate to the license issued to the licensee. The annual renewal license application forms are for a:

(1) grain bank;

(2) warehouse;

(3) grain buyer; or

(4) buyer-warehouse.

As added by P.L.64-2009, SEC.3. Amended by P.L.145-2017, SEC.3; P.L.114-2025, SEC.6.
Ind. Code § 26-2-11-7 — Indiana Code / Title 26 / Article 2 / Chapter 11 / Section 26-2-11-7
Rates and fees
Status: in_force

Sec. 7. (a) A collateral recovery agency must include ten (10) days of collateral storage in the collateral recovery agency's standard repossession rate.

(b) The legal owner or lien holder of the collateral must pay the collateral recovery agency a fee of fifteen dollars ($15) per day for any collateral stored after the initial ten (10) days under subsection (a). A collateral recovery agency may charge an additional fee for storing collateral that contains hazardous materials.

As added by P.L.81-2026, SEC.7.
Ind. Code § 26-2-6-3 — Indiana Code / Title 26 / Article 2 / Chapter 6 / Section 26-2-6-3
Timeliness of service or repair
Status: in_force

Sec. 3. Whenever authorized service representatives or independent service facilities undertake to service or repair an audio or visual entertainment product, they shall:

(1) provide services or make repairs on the product within forty-five (45) days of receipt of that product, regardless of whether the product is covered by an express warranty; or

(2) if a part necessary to effect the repair or service is not immediately available:

(A) notify the consumer requesting the service or repair that the part is not immediately available and order the necessary part, within fifteen (15) days of receipt of the product; and

(B) repair or service the product within thirty (30) days of receipt of the ordered part, unless the consumer agrees otherwise.

However, if a delay in completing the requested service or repair is caused by a condition beyond the control of the authorized service representative or independent service facility, the authorized service representative or independent service facility shall repair or service the audio or visual entertainment product upon termination of the condition causing the delay.

As added by P.L.254-1983, SEC.2. Amended by P.L.42-2011, SEC.60.
Ind. Code § 26-1-9.1-506 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-506
Effect of errors or omissions
Status: in_force

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 of the debtor in accordance with IC 26-1-9.1-503(a) is seriously misleading.

(c) If a search of the records of the filing office under the debtor's correct name, using the filing office's standard search logic, if any, would disclose a financing statement that fails to sufficiently provide the name of the debtor in accordance with IC 26-1-9.1-503(a), the name provided does not make the financing statement seriously misleading.

(d) For purposes of IC 26-1-9.1-508(b), the "debtor's correct name" in subsection (c) means the correct name of the new debtor.

As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.13.
Ind. Code § 26-1-9.1-702 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-702
Savings clause
Status: in_force

Sec. 702. (a) Except as otherwise provided in this section through section 709 of this chapter, IC 26-1-9.1 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before IC 26-1-9.1 takes effect.

(b) Except as otherwise provided in subsection (c) and IC 26-1-9.1-703 through IC 26-1-9.1-709:

(1) transactions and liens that were not governed by IC 26-1-9, before its repeal, were validly entered into or created before IC 26-1-9.1 takes effect, and would be subject to IC 26-1-9.1 if they had been entered into or created after IC 26-1-9.1 takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after IC 26-1-9.1 takes effect; and

(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by IC 26-1-9.1 or by the law that otherwise would apply if IC 26-1-9.1 had not taken effect.

(c) IC 26-1-9.1 does not affect an action, case, or proceeding commenced before IC 26-1-9.1 takes effect.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-2-106 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-106
"Contract"; "agreement"; "contract for sale"; "sale"; "present sale"; "conforming" to contract; "termination"; "cancellation"; "hybrid transaction"
Status: in_force

Sec. 106. (1) In IC 26-1-2, unless the context otherwise requires, "contract" and "agreement" are limited to those relating to the present or future sale of goods. "Contract for sale" includes both a present sale of goods and a contract to sell goods at a future time. A "sale" consists in the passing of title from the seller to the buyer for a price (IC 26-1-2-401). A "present sale" means a sale which is accomplished by the making of the contract.

(2) Goods or conduct including any part of a performance are "conforming" or conform to the contract when they are in accordance with the obligations under the contract.

(3) "Termination" occurs when either party pursuant to a power created by agreement or law puts an end to the contract otherwise than for its breach. On "termination" all obligations which are still executory on both sides are discharged but any right based on prior breach or performance survives.

(4) "Cancellation" occurs when either party puts an end to the contract for breach by the other, and its effect is the same as that of "termination" except that the cancelling party also retains any remedy for breach of the whole contract or of any unperformed balance.

(5) "Hybrid transaction" means a single transaction involving a sale of goods and:

(a) the provision of services;

(b) a lease of other goods; or

(c) a sale, lease, or license of property other than goods.

Formerly: Acts 1963, c.317, s.2-106. As amended by P.L.152-1986, SEC.124; P.L.199-2023, SEC.4.
Ind. Code § 26-1-5.1-114 — Indiana Code / Title 26 / Article 1 / Chapter 5.1 / Section 26-1-5.1-114
Proceeds of letter of credit; assignment
Status: in_force

Sec. 114. (a) In this section, "proceeds of a letter of credit" means the cash, check, accepted draft, or other item of value paid or delivered upon honor or giving of value by the issuer or any nominated person under the letter of credit. The term does not include a beneficiary's drawing rights or documents presented by the beneficiary.

(b) A beneficiary may assign its right to part or all of the proceeds of a letter of credit. The beneficiary may do so before presentation as a present assignment of its right to receive proceeds contingent upon its compliance with the terms and conditions of the letter of credit.

(c) An issuer or nominated person need not recognize an assignment of proceeds of a letter of credit until it consents to the assignment.

(d) An issuer or nominated person has no obligation to give or withhold its consent to an assignment of proceeds of a letter of credit, but consent may not be unreasonably withheld if the assignee possesses and exhibits the letter of credit and presentation of the letter of credit is a condition to honor.

(e) Rights of a transferee beneficiary or nominated person are independent of the beneficiary's assignment of the proceeds of a letter of credit and are superior to the assignee's right to the proceeds.

(f) Neither the rights recognized by this section between an assignee and an issuer, transferee beneficiary, or nominated person nor the issuer's or nominated person's payment of proceeds to an assignee or a third person affects the rights between the assignee and any person other than the issuer, transferee beneficiary, or nominated person. The mode of creating and perfecting a security interest in or granting an assignment of a beneficiary's rights to proceeds is governed by IC 26-1-9.1 or other law. Against persons other than the issuer, transferee beneficiary, or nominated person, the rights and obligations arising upon the creation of a security interest or other assignment of a beneficiary's right to proceeds and its perfection are governed by IC 26-1-9.1 or other law.

As added by P.L.183-1996, SEC.4. Amended by P.L.57-2000, SEC.30.
Ind. Code § 26-1-3.1-108 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-108
Payable on demand or at definite time
Status: in_force

Sec. 108. (a) A promise or order is "payable on demand" if it:

(1) states that it is payable on demand or at sight, or otherwise indicates that it is payable at the will of the holder; or

(2) does not state any time of payment.

(b) A promise or order is "payable at a definite time" if it is payable on elapse of a definite period of time after sight or acceptance or at a fixed date or dates or at a time or times readily ascertainable at the time the promise or order is issued, subject to rights of:

(1) prepayment;

(2) acceleration;

(3) extension at the option of the holder; or

(4) extension to a further definite time at the option of the maker or acceptor or automatically upon or after a specified act or event.

(c) If an instrument, payable at a fixed date, is also payable upon demand made before the fixed date, the instrument is payable on demand until the fixed date and, if demand for payment is not made before that date, becomes payable at a definite time on the fixed date.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-4-6-4 — Indiana Code / Title 26 / Article 4 / Chapter 6 / Section 26-4-6-4
Percentage of compensation; partial payments; storage loss
Status: in_force

Sec. 4. (a) A claimant who has incurred a storage loss due to the revocation of a warehouse operator license under IC 26-3-7 is entitled to be compensated by the board from the fund for one hundred percent (100%) of the storage loss incurred less all credits and offsets and any producer premium that would have been due on the sale of the grain. The gross amount of the storage loss shall be as determined by the agency for warehouses licensed under IC 26-3-7 or by the United States Department of Agriculture for warehouses licensed under the United States Warehouse Act. The warehouse operator, agency, and claimants may submit to the board evidence related to outstanding charges against stored grain. If the evidence is submitted, the agency shall determine the storage loss payable by the board. However, the outstanding charges may not include uncollected storage charges.

(b) Before a storage loss may be paid, the producer must provide to the board evidence that storage fees were paid to the facility for the time during which the grain was stored. The board shall use the following minimum storage fees to determine the storage loss:

(1) Barley and barley seed: Five cents ($0.05) per month, per bushel.

(2) Canola and canola seed: Five cents ($0.05) per month, per bushel.

(3) Corn and corn seed: Five cents ($0.05) per month, per bushel.

(4) Lentils and lentil seed: Five cents ($0.05) per month, per bushel.

(5) Oats and oat seed: Five cents ($0.05) per month, per bushel.

(6) Popcorn and popcorn seed: Ten cents ($0.10) per month, per bushel.

(7) Rye and rye seed: Five cents ($0.05) per month, per bushel.

(8) Sorghum and sorghum seed: Five cents ($0.05) per month, per bushel.

(9) Soybeans and soybean seed: Fifteen cents ($0.15) per month, per bushel.

(10) Sunflower and sunflower seed: Five cents ($0.05) per month, per bushel.

(11) Wheat and wheat seed: Five cents ($0.05) per month, per bushel.

(12) All other field crops and other field crop seed: Five cents ($0.05) per month, per bushel.

(c) A claimant who has incurred a financial loss due to the revocation of a license of a grain buyer is entitled to be compensated by the board from the fund for eighty percent (80%) of the loss incurred less all credits and offsets and any producer premium that should have been due on the sale of the grain. The board shall determine the loss incurred in the following manner:

(1) For grain that has been priced, the loss shall be the value of the priced grain less any outstanding charges against the grain.

(2) For grain sold to a grain buyer, where the title to the grain has passed to the grain buyer, who is also a warehouse operator and that has not been priced, the loss shall be established using the price determined for the storage obligations.

(3) For grain sold to a grain buyer who is not a warehouse operator and that has not been priced, the loss shall be established using a price determined by the agency using the same procedures used by the agency to determine the price at the warehouse.

(d) If a producer appeals under IC 4-21.5-3 an order issued by the director under IC 26-3-7-16.5 that postpones the agency from notifying the board of the amount of loss for proven claimants under IC 26-3-7-16.5(m), the board may issue partial payments to any claimants who have not appealed their claims.

As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.29; P.L.145-2017, SEC.21; P.L.114-2025, SEC.74.
Ind. Code § 26-1-9.1-334 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-334
Priority of security interests in fixtures and crops
Status: in_force

Sec. 334. (a) A security interest under IC 26-1-9.1 may be created in goods that are fixtures or may continue in goods that become fixtures. A security interest does not exist under IC 26-1-9.1 in ordinary building materials incorporated into an improvement on land.

(b) IC 26-1-9.1 does not prevent creation of an encumbrance upon fixtures under real property law.

(c) In cases not governed by subsections (d) through (h), a security interest in fixtures is subordinate to a conflicting interest of an encumbrancer or owner of the related real property other than the debtor.

(d) Except as otherwise provided in subsection (h), a perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property and:

(1) the security interest is a purchase-money security interest;

(2) the interest of the encumbrancer or owner arises before the goods become fixtures; and

(3) the security interest is perfected by a fixture filing before the goods become fixtures or within twenty (20) days thereafter.

(e) A perfected security interest in fixtures has priority over a conflicting interest of an encumbrancer or owner of the real property if:

(1) the debtor has an interest of record in the real property or is in possession of the real property and the security interest:

(A) is perfected by a fixture filing before the interest of the encumbrancer or owner is of record; and

(B) has priority over any conflicting interest of a predecessor in title of the encumbrancer or owner;

(2) before the goods become fixtures, the security interest is perfected by any method permitted by IC 26-1-9.1 and the fixtures are readily removable:

(A) factory or office machines;

(B) equipment that is not primarily used or leased for use in the operation of the real property; or

(C) replacements of domestic appliances that are consumer goods;

(3) the conflicting interest is a lien on the real property obtained by legal or equitable proceedings after the security interest was perfected by any method permitted by IC 26-1-9.1; or

(4) the security interest is:

(A) created in a manufactured home in a manufactured-home transaction; and

(B) perfected pursuant to a statute described in IC 26-1-9.1-311(a)(2).

(f) A security interest in fixtures, whether or not perfected, has priority over a conflicting interest of an encumbrancer or owner of the real property if:

(1) the encumbrancer or owner has, in a signed record, consented to the security interest or disclaimed an interest in the goods as fixtures; or

(2) the debtor has a right to remove the goods against the encumbrancer or owner.

(g) The priority of the security interest under subsection (f) continues for a reasonable time if the debtor's right to remove the goods as against the encumbrancer or owner terminates.

(h) A mortgage is a construction mortgage to the extent that it secures an obligation incurred for the construction of an improvement on land, including the acquisition cost of the land, if a recorded record of the mortgage so indicates. Except as otherwise provided in subsections (e) and (f), a security interest in fixtures is subordinate to a construction mortgage if a record of the mortgage is recorded before the goods become fixtures and the goods become fixtures before the completion of the construction. A mortgage has this priority to the same extent as a construction mortgage to the extent that it is given to refinance a construction mortgage.

(i) A perfected security interest in crops growing on real property has priority over a conflicting interest of an encumbrancer or owner of the real property if the debtor has an interest of record in or is in possession of the real property.

As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.69.
Ind. Code § 26-1-5.1-111 — Indiana Code / Title 26 / Article 1 / Chapter 5.1 / Section 26-1-5.1-111
Remedies for wrongful dishonor, repudiation, or breach of obligation
Status: in_force

Sec. 111. (a) If an issuer wrongfully dishonors or repudiates its obligation to pay money under a letter of credit before presentation, the beneficiary, successor, or nominated person presenting on its own behalf may recover from the issuer the amount that is the subject of the dishonor or repudiation. If the issuer's obligation under the letter of credit is not for the payment of money, the claimant may obtain specific performance or, at the claimant's election, recover an amount equal to the value of performance from the issuer. In either case, the claimant may also recover incidental but not consequential damages. The claimant is not obligated to take action to avoid damages that might be due from the issuer under this subsection. If, although not obligated to do so, the claimant avoids damages, the claimant's recovery from the issuer must be reduced by the amount of damages avoided. The issuer has the burden of proving the amount of damages avoided. In the case of repudiation the claimant need not present any document.

(b) If an issuer wrongfully dishonors a draft or demand presented under a letter of credit or honors a draft or demand in breach of its obligation to the applicant, the applicant may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach.

(c) If an adviser or nominated person other than a confirmer breaches an obligation under IC 26-1-5.1 or an issuer breaches an obligation not covered in subsection (a) or (b), a person to whom the obligation is owed may recover damages resulting from the breach, including incidental but not consequential damages, less any amount saved as a result of the breach. To the extent of the confirmation, a confirmer has the liability of an issuer specified in this subsection and subsections (a) and (b).

(d) An issuer, nominated person, or adviser who is found liable under subsection (a), (b), or (c) shall pay interest on the amount owed thereunder from the date of wrongful dishonor or other appropriate date.

(e) Reasonable attorney's fees and other expenses of litigation must be awarded to the prevailing party in an action in which a remedy is sought under IC 26-1-5.1.

(f) Damages that would otherwise be payable by a party for breach of an obligation under IC 26-1-5.1 may be liquidated by agreement or undertaking, but only in an amount or by a formula that is reasonable in light of the harm anticipated.

As added by P.L.183-1996, SEC.4.
Ind. Code § 26-2-8-115 — Indiana Code / Title 26 / Article 2 / Chapter 8 / Section 26-2-8-115
Transferable records
Status: in_force

Sec. 115. (a) In this section, "transferable record" means an electronic record that:

(1) would be a note under IC 26-1-3.1 or a document under IC 26-1-7, if the electronic record were in writing; and

(2) the issuer of the electronic record expressly has agreed is subject to this chapter.

(b) A person has control of a transferable record if a system employed for evidencing the transfer of interests in the transferable record reliably establishes that person as the person to whom the transferable record has been issued or transferred.

(c) A system satisfies subsection (a), and a person is deemed to have control of a transferable record, if the record or records are created, stored, and assigned in such a manner that:

(1) a single authoritative copy of the record or records exists that is unique, identifiable, and except as otherwise provided in subdivisions (4), (5), and (6), unalterable;

(2) the authoritative copy identifies the person asserting control as the assignee of the record or records;

(3) the authoritative copy is communicated to and maintained by the person asserting control or its designated custodian;

(4) copies or revisions that add or change an identified assignee of the authoritative copy can be made only with the consent of the person asserting control;

(5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and

(6) any revision of the authoritative copy is readily identifiable as an authorized or unauthorized revision.

(d) Except as otherwise agreed, a person having control of a transferable record is the holder, as defined in IC 26-1-1-201(20), of the transferable record and has the same rights and defenses as a holder of an equivalent record or writing under IC 26-1, including, if the applicable statutory requirements under IC 26-1-3.1-302(a), IC 26-1-7-501, or IC 26-1-9.1-330 are satisfied, the rights and defenses of a holder in due course, a holder to which a negotiable document of title has been duly negotiated, or a purchaser, respectively. Delivery, possession, and endorsement are not required to obtain or exercise any of the rights in this subsection.

(e) Except as otherwise agreed, obligors under a transferable record have the same rights and defenses as equivalent obligors under equivalent records and writings under IC 26-1.

(f) If requested by the person against whom enforcement is sought, the person seeking to enforce the transferable record shall provide reasonable proof that the person is in control of the transferable record. This proof may include access to the authoritative copy of the transferable record and related business records sufficient to review the terms of the transferable record and establish the identity of the person in control of the transferable record.

As added by P.L.62-2000, SEC.1. Amended by P.L.1-2001, SEC.32.
Ind. Code § 26-3-7-26 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-26
Terms of tickets
Status: in_force

Sec. 26. Every ticket issued shall embody within its terms:

(1) the name of the licensee to whom the grain was delivered;

(2) the date the grain was delivered;

(3) exact information concerning the type, net weight, and grade factors of the grain received;

(4) a statement that the grain described in the ticket is to be taken into storage, is being delivered on contract, or is to be sold under other arrangements;

(5) the name of the owner of the grain; and

(6) other provisions prescribed by the director.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1975, P.L.277, SEC.10. As amended by Acts 1982, P.L.155, SEC.15; P.L.125-1997, SEC.48; P.L.173-1999, SEC.12; P.L.114-2025, SEC.30.
Ind. Code § 26-1-9.1-705 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-705
Effectiveness of action taken before effective date
Status: in_force

Sec. 705. (a) If action, other than the filing of a financing statement, is taken before IC 26-1-9.1 takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before IC 26-1-9.1 takes effect, the action is effective to perfect a security interest that attaches under IC 26-1-9.1 within one (1) year after IC 26-1-9.1 takes effect. An attached security interest becomes unperfected one (1) year after IC 26-1-9.1 takes effect unless the security interest becomes a perfected security interest under IC 26-1-9.1 before the expiration of that period.

(b) The filing of a financing statement before IC 26-1-9.1 takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under IC 26-1-9.1.

(c) IC 26-1-9.1 does not render ineffective an effective financing statement that is filed before IC 26-1-9.1 takes effect and satisfied the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in IC 26-1-9-103, before its repeal. However, except as otherwise provided in subsections (d) and (e) and IC 26-1-9.1-706, the financing statement ceases to be effective at the earlier of:

(1) the time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or

(2) June 30, 2006.

(d) The filing of a continuation statement after IC 26-1-9.1 takes effect does not continue the effectiveness of the financing statement filed before IC 26-1-9.1 takes effect. However, upon the timely filing of a continuation statement after IC 26-1-9.1 takes effect and in accordance with the law of the jurisdiction governing perfection as provided in IC 26-1-9.1-301 through IC 26-1-9.1-342, the effectiveness of a financing statement filed in the same office in that jurisdiction before IC 26-1-9.1 takes effect continues for the period provided by the law of that jurisdiction.

(e) Subsection (c)(2) applies to a financing statement that is filed against a transmitting utility before IC 26-1-9.1 takes effect and satisfied the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in IC 26-1-9-103, before its repeal, only to the extent that IC 26-1-9.1-301 through IC 26-1-9.1-342 provide that the law of a jurisdiction other than jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.

(f) A financing statement that includes a financing statement filed before IC 26-1-9.1 takes effect and a continuation statement filed after IC 26-1-9.1 takes effect is effective only to the extent that it satisfies the requirements of IC 26-1-9.1-501 through IC 26-1-9.1-527 for an initial financing statement.

As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.20.
Ind. Code § 26-1-9.1-527 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-527
Duty to report
Status: in_force

Sec. 527. The secretary of state shall report annually to the general assembly on the operation of the filing office. The report must be in an electronic format under IC 5-14-6 and must contain a statement of the extent to which:

(1) the filing office rules are not in harmony with the rules of filing offices in other jurisdictions that enact substantially IC 26-1-9.1-501 through IC 26-1-9.1-527 and the reasons for these variations; and

(2) the filing office rules are not in harmony with the most recent version of the Model Rules promulgated by the International Association of Corporate Administrators, or any successor organization, and the reasons for these variations.

As added by P.L.57-2000, SEC.45. Amended by P.L.28-2004, SEC.164.
Ind. Code § 26-4-4-7 — Indiana Code / Title 26 / Article 4 / Chapter 4 / Section 26-4-4-7
Inspection of books and records; verification; confidentiality
Status: in_force

Sec. 7. (a) The:

(1) books and records of each grain buyer must clearly indicate the producer premiums collected by the grain buyer; and

(2) portion of the books and records reflecting the premiums collected must be open for inspection by the corporation, board, board's authorized agents, director, or the director's designated representative during regular business hours.

(b) Each grain buyer shall keep accurate and correct records of grain purchased from producers documenting the producer premiums paid by producers. The records must be maintained by the grain buyer for a period of five (5) years from the date of remittance of the producer premiums to the corporation. The records must be available to authorized agents of the corporation during normal business hours.

(c) The corporation, board, board's authorized agent, director, or the director's designated representative may take steps reasonably necessary to verify the accuracy of the portion of a grain buyer's books and records that reflect the premiums collected. The information obtained under this section is confidential for purposes of IC 5-14-3-4(a)(1). Unless otherwise required by judicial order, the information obtained under this section may be disclosed only to parties empowered to see or review the information. The corporation, board, or director may respond to inquiries or disclose information obtained under this section only in accordance with guidelines set forth in IC 26-3-7-6.5.

(d) Notwithstanding subsections (a) and (c), the verification permitted under subsection (c) must be completed by the agency unless two-thirds (2/3) of the board vote to have the verification completed by an independent auditor.

As added by P.L.250-1995, SEC.1. Amended by P.L.114-2025, SEC.68.
Ind. Code § 26-1-9.1-107.1 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-107.1
Control of controllable electronic record, controllable account, or controllable payment intangible
Status: in_force

Sec. 107.1. (a) A secured party has control of a controllable electronic record as provided in IC 26-1-12-105.

(b) A secured party has control of a controllable account or controllable payment intangible if the secured party has control of the controllable electronic record that evidences the controllable account or controllable payment intangible.

As added by P.L.110-2022, SEC.2. Amended by P.L.199-2023, SEC.43.
Ind. Code § 26-3-7-13 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-13
Additional bond, cash deposit, letter of credit, or insurance
Status: in_force

Sec. 13. Whenever the director determines that a previously approved bond, letter of credit, cash deposit, or previously approved insurance is insufficient, the director shall require an additional bond, letter of credit, cash deposit, or insurance to be given by the licensee in the form and upon the terms and conditions required by this chapter and rules adopted under this chapter.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120, SEC.8; Acts 1975, P.L.277, SEC.9. As amended by Acts 1979, P.L.249, SEC.7; P.L.125-1997, SEC.31.
Ind. Code § 26-1-1-301 — Indiana Code / Title 26 / Article 1 / Chapter 1 / Section 26-1-1-301
Choice of law
Status: in_force

Sec. 301. (1) Except as otherwise provided in this section, if a transaction bears a reasonable relation to Indiana and also to another state or nation, the parties may agree that the law either of Indiana or of the other state or nation shall govern their rights and duties.

(2) In the absence of an agreement under subsection (1), and except as provided in subsection (3), IC 26-1 applies to transactions bearing an appropriate relation to Indiana.

(3) If any of the following provisions specifies the applicable law, that provision governs, and a contrary agreement is effective only to the extent permitted by the law so specified:

(a) IC 26-1-2-402.

(b) IC 26-1-2.1-105 and IC 26-1-2.1-106.

(c) IC 26-1-4-102.

(d) IC 26-1-4.1-507.

(e) IC 26-1-5.1-116.

(f) IC 26-1-8.1-110.

(g) IC 26-1-9.1-301 through IC 26-1-9.1-307.

(h) IC 26-1-12-107.

As added by P.L.143-2007, SEC.5. Amended by P.L.199-2023, SEC.2.
Ind. Code § 26-1-2-722 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-722
Who can sue third parties for injury to goods
Status: in_force

Sec. 722. Where a third party so deals with goods which have been identified to a contract for sale as to cause actionable injury to a party to that contract

(a) a right of action against the third party is in either party to the contract for sale who has title to or a security interest or a special property or an insurable interest in the goods; and if the goods have been destroyed or converted a right of action is also in the party who either bore the risk of loss under the contract for sale or has since the injury assumed that risk as against the other;

(b) if at the time of the injury the party plaintiff did not bear the risk of loss as against the other party to the contract for sale and there is no arrangement between them for disposition of the recovery, his suit or settlement is, subject to his own interest, as a fiduciary for the other party to the contract;

(c) either party may with the consent of the other sue for the benefit of whom it may concern.

Formerly: Acts 1963, c.317, s.2-722.
Ind. Code § 26-1-3.1-110 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-110
Identification of person to whom instrument is payable
Status: in_force

Sec. 110. (a) The person to whom an instrument is initially payable is determined by the intent of the person, whether or not authorized, signing as, or in the name or behalf of, the issuer of the instrument. The instrument is payable to the person intended by the signer even if that person is identified in the instrument by a name or other identification that is not that of the intended person. If more than one (1) person signs in the name or behalf of the issuer of an instrument and all the signers do not intend the same person as payee, the instrument is payable to any person intended by one (1) or more of the signers.

(b) If the signature of the issuer of an instrument is made by automated means, such as a check-writing machine, the payee of the instrument is determined by the intent of the person who supplied the name or identification of the payee, whether or not authorized to do so.

(c) A person to whom an instrument is payable may be identified in any way, including by name, identifying number, office, or account number. For the purpose of determining the holder of an instrument, the following rules apply:

(1) If an instrument is payable to an account and the account is identified only by number, the instrument is payable to the person to whom the account is payable. If an instrument is payable to an account identified by number and by the name of a person, the instrument is payable to the named person, whether or not that person is the owner of the account identified by number.

(2) If an instrument is payable to:

(A) a trust, an estate, or a person described as trustee or representative of a trust or estate, the instrument is payable to the trustee, the representative, or a successor of either, whether or not the beneficiary or estate is also named;

(B) a person described as agent or similar representative of a named or identified person, the instrument is payable to the represented person, the representative, or a successor of the representative;

(C) a fund or organization that is not a legal entity, the instrument is payable to a representative of the members of the fund or organization; or

(D) an office or to a person described as holding an office, the instrument is payable to the named person, the incumbent of the office, or a successor to the incumbent.

(d) If an instrument is payable to two (2) or more persons alternatively, it is payable to any of them and may be negotiated, discharged, or enforced by any or all of them in possession of the instrument. If an instrument is payable to two (2) or more persons not alternatively, it is payable to all of them and may be negotiated, discharged, or enforced only by all of them. If an instrument payable to two (2) or more persons is ambiguous as to whether it is payable to the persons alternatively, the instrument is payable to the persons alternatively.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-2-609 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-609
Right to adequate assurance of performance
Status: in_force

Sec. 609. (1) A contract for sale imposes an obligation on each party that the other's expectation of receiving due performance will not be impaired. When reasonable grounds for insecurity arise with respect to the performance of either party the other may in writing demand adequate assurance of due performance and until he receives such assurance may if commercially reasonable suspend any performance for which he has not already received the agreed return.

(2) Between merchants the reasonableness of grounds for insecurity and the adequacy of any assurance offered shall be determined according to commercial standards.

(3) Acceptance of any improper delivery or payment does not prejudice the aggrieved party's right to demand adequate assurance of future performance.

(4) After receipt of a justified demand failure to provide within a reasonable time not exceeding thirty (30) days such assurance of due performance as is adequate under the circumstances of the particular case is a repudiation of the contract.

Formerly: Acts 1963, c.317, s.2-609.
Ind. Code § 26-3-7-6.3 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-6.3
Grain buyers and warehouse licensing agency license fee fund
Status: in_force

Sec. 6.3. (a) The grain buyers and warehouse licensing agency license fee fund is established to provide funds for the administration of this chapter and IC 26-3-7.5. The fund shall be administered by the agency. The fund consists of:

(1) the moisture testing device inspection fees collected under IC 26-3-7.5-6;

(2) the licensing fees collected under section 4.4 of this chapter;

(3) the fines collected under this chapter;

(4) gifts and bequests; and

(5) appropriations made by the general assembly.

(b) Expenses of administering the fund shall be paid from money in the fund.

(c) The treasurer of state shall invest the money in the fund not currently needed to meet the obligations of the fund in the same manner as other public money may be invested. Interest that accrues from these investments shall be deposited in the fund.

(d) Money in the fund at the end of a state fiscal year does not revert to the state general fund.

As added by P.L.207-2007, SEC.29. Amended by P.L.2-2008, SEC.67; P.L.208-2021, SEC.3; P.L.114-2025, SEC.12.
Ind. Code § 26-1-9.1-516 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-516
What constitutes filing; effectiveness of filing
Status: in_force

Sec. 516. (a) Except as otherwise provided in subsection (b) or section 901 of this chapter, communication of a record to a filing office and tender of the filing fee or acceptance of the record by the filing office constitutes filing.

(b) Filing does not occur with respect to a record that a filing office refuses to accept because:

(1) the record is not communicated by a method or medium of communication authorized by the filing office;

(2) an amount equal to or greater than the applicable filing fee is not tendered;

(3) the filing office is unable to index the record because:

(A) in the case of an initial financing statement, the record does not provide a name for the debtor;

(B) in the case of an amendment or information statement, the record:

(i) does not identify the initial financing statement as required by IC 26-1-9.1-512 or IC 26-1-9.1-518, as applicable; or

(ii) identifies an initial financing statement whose effectiveness has lapsed under IC 26-1-9.1-515;

(C) in the case of an initial financing statement that provides the name of a debtor identified as an individual or an amendment that provides a name of a debtor identified as an individual which was not previously provided in the financing statement to which the record relates, the record does not identify the debtor's surname; or

(D) in the case of a record recorded in the filing office described in IC 26-1-9.1-501(a)(1), the record does not provide a sufficient description of the real property to which it relates;

(4) in the case of an initial financing statement or an amendment that adds a secured party of record, the record does not provide a name and mailing address for the secured party of record;

(5) in the case of an initial financing statement or an amendment that provides a name of a debtor that was not previously provided in the financing statement to which the amendment relates, the record does not:

(A) provide a mailing address for the debtor; or

(B) indicate whether the name provided as the name of the debtor is the name of an individual or an organization;

(6) in the case of an assignment reflected in an initial financing statement under IC 26-1-9.1-514(a) or an amendment filed under IC 26-1-9.1-514(b), the record does not provide a name and mailing address for the assignee; or

(7) in the case of a continuation statement, the record is not filed within the six (6) month period prescribed by IC 26-1-9.1-515(d).

(c) For purposes of subsection (b):

(1) a record does not provide information if the filing office is unable to read or decipher the information; and

(2) a record that does not indicate that it is an amendment or identify an initial financing statement to which it relates, as required by IC 26-1-9.1-512, IC 26-1-9.1-514, or IC 26-1-9.1-518, is an initial financing statement.

(d) A record that is communicated to the filing office with tender of the filing fee, but which the filing office refuses to accept for a reason other than one (1) set forth in subsection (b), is effective as a filed record except as against a purchaser of the collateral which gives value in reasonable reliance upon the absence of the record from the files.

As added by P.L.57-2000, SEC.45. Amended by P.L.54-2011, SEC.16; P.L.86-2013, SEC.1.
Ind. Code § 26-1-4.1-402 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-402
Obligation of sender to pay receiving bank
Status: in_force

Sec. 402. (a) This section is subject to IC 26-1-4.1-205 and IC 26-1-4.1-207.

(b) With respect to a payment order issued to the beneficiary's bank, acceptance of the order by the bank obliges the sender to pay the bank the amount of the order, but payment is not due until the payment date of the order.

(c) This subsection is subject to subsection (e) and to IC 26-1-4.1-303. With respect to a payment order issued to a receiving bank other than the beneficiary's bank, acceptance of the order by the receiving bank obliges the sender to pay the bank the amount of the sender's order. Payment by the sender is not due until the execution date of the sender's order. The obligation of that sender to pay its payment order is excused if the funds transfer is not completed by acceptance by the beneficiary's bank of a payment order instructing payment to the beneficiary of that sender's payment order.

(d) If the sender of a payment order pays the order and was not obliged to pay all or part of the amount paid, the bank receiving payment is obliged to refund payment to the extent the sender was not obliged to pay. Except as provided in IC 26-1-4.1-204 and IC 26-1-4.1-304, interest is payable on the refundable amount from the date of payment.

(e) If a funds transfer is not completed as stated in subsection (c) and an intermediary bank is obliged to refund payment as stated in subsection (d) but is unable to do so because not permitted by applicable law or because the bank suspends payments, a sender in the funds transfer that executed a payment order in compliance with an instruction, as stated in IC 26-1-4.1-302(a)(1), to route the funds transfer through that intermediary bank is entitled to receive or retain payment from the sender of the payment order that it accepted. The first sender in the funds transfer that issued an instruction requiring routing through that intermediary bank is subrogated to the right of the bank that paid the intermediary bank to refund as stated in subsection (d).

(f) The right of the sender of a payment order to be excused from the obligation to pay the order as stated in subsection (c) or to receive refund under subsection (d) may not be varied by agreement.

As added by P.L.189-1991, SEC.4.
Ind. Code § 26-1-9.1-709 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-709
Priority
Status: in_force

Sec. 709. (a) IC 26-1-9, before its repeal, determines the priority of conflicting claims to collateral if the relative priorities of the claims were established before IC 26-1-9.1 takes effect. In other cases, IC 26-1-9.1 determines priority.

(b) For purposes of IC 26-1-9.1-322(a), the priority of a security interest that becomes enforceable under IC 26-1-9.1-203 dates from the time IC 26-1-9.1 takes effect if the security interest is perfected under IC 26-1-9.1 by the filing of a financing statement before IC 26-1-9.1 takes effect which would not have been effective to perfect the security interest under IC 26-1-9, before its repeal. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-3-7-1 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-1
Indiana grain buyers and warehouse licensing agency; employees
Status: in_force

Sec. 1. (a) The Indiana grain buyers and warehouse licensing agency is established within the Indiana state department of agriculture to administer this chapter. The director of the Indiana state department of agriculture may appoint the director of the agency, who shall serve at the pleasure of the director of the Indiana state department of agriculture. The director shall administer this chapter and shall be the ultimate authority in the administration of this chapter.

(b) The agency shall employ all necessary employees, counsel, and consultants to carry out the provisions of this chapter and is vested with the power necessary to fully and effectively carry out the provisions and objectives of this chapter.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1975, P.L.277, SEC.1. As amended by Acts 1982, P.L.155, SEC.2; P.L.125-1997, SEC.18; P.L.1-2006, SEC.482; P.L.120-2008, SEC.91; P.L.60-2015, SEC.3.