Ind. Code § 26-1-4-104 — Indiana Code / Title 26 / Article 1 / Chapter 4 / Section 26-1-4-104
Definitions and index of definitions
Status: in_force

Sec. 104. (a) In IC 26-1-4, unless the context otherwise requires:

(1) "Account" means any deposit or credit account with a bank, including a demand, time, savings, passbook, share draft, or like account, other than an account evidenced by a certificate of deposit.

(2) "Afternoon" means the period of a day between noon and midnight.

(3) "Banking day" means the part of a day on which a bank is open to the public for carrying on substantially all of its banking functions, but does not include Saturday, Sunday, or a legal holiday.

(4) "Clearing house" means an association of banks or other payors regularly clearing items.

(5) "Customer" means a person having an account with a bank or for whom a bank has agreed to collect items, including a bank that maintains an account at another bank.

(6) "Documentary draft" means a draft to be presented for acceptance or payment if specified documents, certificated securities (IC 26-1-8.1-102), or instructions for uncertificated securities (IC 26-1-8.1-102) or other certificates, statements, or the like are to be received by the drawee or other payor before acceptance or payment of the draft.

(7) "Draft" means a draft (as defined in IC 26-1-3.1-104) or an item, other than an instrument, that is an order.

(8) "Drawee" means a person ordered in a draft to make payment.

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

(10) "Item" means an instrument or a promise or order to pay money handled by a bank for collection or payment. The term does not include a payment order governed by IC 26-1-4.1 or a credit or debit card slip.

(11) "Midnight deadline" with respect to a bank is midnight on its next banking day following the banking day on which it receives the relevant item or notice or from which the time for taking action commences to run, whichever is later.

(12) "Settle" means to pay in cash, by clearing-house settlement, in a charge or credit, or by remittance, or otherwise as instructed. A settlement may be either provisional or final.

(13) "Suspends payments" with respect to a bank means that it has been closed by order of the supervisory authorities, that a public officer has been appointed to take it over, or that it ceases or refuses to make payments in the ordinary course of business.

(b) Other definitions applying to IC 26-1-4 and the sections in which they appear are:

"Agreement for electronic presentment". IC 26-1-4-110.

"Bank". IC 26-1-4-105.

"Collecting bank". IC 26-1-4-105.

"Depositary bank". IC 26-1-4-105.

"Intermediary bank". IC 26-1-4-105.

"Payor bank". IC 26-1-4-105.

"Presenting bank". IC 26-1-4-105.

"Presentment notice". IC 26-1-4-110.

(c) "Control" as provided in IC 26-1-7-106 and the following definitions in IC 26-1-3.1 apply to IC 26-1-4:

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

"Alteration". IC 26-1-3.1-407.

"Cashier's check". IC 26-1-3.1-104.

"Certificate of deposit". IC 26-1-3.1-104.

"Certified check". IC 26-1-3.1-409.

"Check". IC 26-1-3.1-104.

"Holder in due course". IC 26-1-3.1-302.

"Instrument". IC 26-1-3.1-104.

"Notice of dishonor". IC 26-1-3.1-503.

"Order". IC 26-1-3.1-103.

"Ordinary care". IC 26-1-3.1-103.

"Person entitled to enforce". IC 26-1-3.1-301.

"Presentment". IC 26-1-3.1-501.

"Promise". IC 26-1-3.1-103.

"Prove". IC 26-1-3.1-103.

"Record". IC 26-1-1-201(33b).

"Remotely-created consumer item". IC 26-1-3.1-103.

"Teller's check". IC 26-1-3.1-104.

"Unauthorized signature". IC 26-1-3.1-403.

(d) In addition, IC 26-1-1 contains general definitions and principles of construction and interpretation applicable throughout IC 26-1-4.

Formerly: Acts 1963, c.317, s.4-104. As amended by P.L.152-1986, SEC.209; P.L.263-1987, SEC.1; P.L.222-1993, SEC.9; P.L.247-1995, SEC.6; P.L.143-2007, SEC.22; P.L.135-2009, SEC.15.
Ind. Code § 26-1-8.1-304 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-304
Endorsement of securities
Status: reserved

Sec. 304. (a) An endorsement may be in blank or special. An endorsement in blank includes an endorsement to bearer. A special endorsement specifies to whom a security is to be transferred or who has power to transfer it. A holder may convert a blank endorsement to a special endorsement.

(b) An endorsement purporting to be only of part of a security certificate representing units intended by the issuer to be separately transferable is effective to the extent of the endorsement.

(c) An endorsement, whether special or in blank, does not constitute a transfer until delivery of the certificate on which it appears or, if the endorsement is on a separate document, until delivery of both the document and the certificate.

(d) If a security certificate in registered form has been delivered to a purchaser without a necessary endorsement, the purchaser may become a protected purchaser only when the endorsement is supplied. However, against a transferor, a transfer is complete upon delivery and the purchaser has a specifically enforceable right to have any necessary endorsement supplied.

(e) An endorsement of a security certificate in bearer form may give notice of an adverse claim to the certificate, but it does not otherwise affect a right to registration that the holder possesses.

(f) Unless otherwise agreed, a person making an endorsement assumes only the obligations provided in 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 § 26-4-6-1 — Indiana Code / Title 26 / Article 4 / Chapter 6 / Section 26-4-6-1
Restrictions on use of fund; nonseverability of provision
Status: in_force

Sec. 1. (a) The money in the fund:

(1) is not available for any purpose other than the payment of claims approved by the board or refunds to producers who do not want to participate in the fund; and

(2) may not be transferred to any other fund.

(b) The limiting and nontransferability provision of subsection (a) is declared to be nonseverable from the whole of this article. If subsection (a) is held to be invalid, repealed, or substantially amended, this article shall immediately become invalid and the money remaining in the fund shall be distributed to participants in the fund in a manner that is proportional to the amount of producer premiums each producer paid to the fund.

As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.27; P.L.60-2015, SEC.19.
Ind. Code § 26-1-2-615 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-615
Excuse by failure of presupposed conditions
Status: in_force

Sec. 615. Except so far as a seller may have assumed a greater obligation and subject to IC 26-1-2-614 on substituted performance:

(a) Delay in delivery or non-delivery in whole or in part by a seller who complies with paragraphs (b) and (c) is not a breach of his duty under a contract for sale if performance as agreed has been made impracticable by the occurrence of a contingency the non-occurrence of which was a basic assumption on which the contract was made or by compliance in good faith with any applicable foreign or domestic governmental regulation or order whether or not it later proves to be invalid.

(b) Where the causes mentioned in paragraph (a) affect only a part of the seller's capacity to perform, he must allocate production and deliveries among his customers but may at his option include regular customers not then under contract as well as his own requirements for further manufacture. He may so allocate in any manner which is fair and reasonable.

(c) The seller must notify the buyer seasonably that there will be delay or non-delivery and, when allocation is required under paragraph (b), of the estimated quota thus made available for the buyer.

Formerly: Acts 1963, c.317, s.2-615. As amended by P.L.16-1983, SEC.18.
Ind. Code § 26-3-7-26.5 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-26.5
Deferred pricing agreement; conditions
Status: in_force

Sec. 26.5. A licensee may not:

(1) enter into a deferred pricing agreement in connection with grain purchases that extends beyond the crop year for the delivered grain; or

(2) transfer the deferred pricing agreement to a new deferred pricing agreement beyond the crop year for the delivered grain.

As added by P.L.208-2021, SEC.6. Amended by P.L.114-2025, SEC.31.
Ind. Code § 26-1-3.1-602 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-602
Payment
Status: in_force

Sec. 602. (a) Subject to subsection (e), an instrument is paid to the extent payment is made:

(1) by or on behalf of a party obliged to pay the instrument; and

(2) to a person entitled to enforce the instrument.

(b) Subject to subsection (e), a note is paid to the extent payment is made by or on behalf of a party obliged to pay the note to a person that formerly was entitled to enforce the note only if at the time of the payment the party obliged to pay has not received adequate notification that the note has been transferred and that payment is to be made to the transferee. A notification is adequate only if it is signed by the transferor or the transferee, reasonably identifies the transferred note, and provides an address at which payments subsequently are to be made. Upon request, a transferee shall seasonably furnish reasonable proof that the note has been transferred. Unless the transferee complies with the request, a payment to the person that formerly was entitled to enforce the note is effective for purposes of subsection (c) even if the party obliged to pay the note has received a notification under this subsection.

(c) Subject to subsection (e), to the extent a payment is made under subsections (a) and (b), the obligation of the party obliged to pay the instrument is discharged even though payment is made with knowledge of a claim to the instrument under IC 26-1-3.1-306 by another person.

(d) Subject to subsection (e), a transferee, or any party that has acquired rights in the instrument directly or indirectly from a transferee, including any such party that has rights as a holder in due course, is considered to have notice of any payment that is made under subsection (b) after the date that the note is transferred to the transferee but before the party obliged to pay the note receives adequate notification of the transfer.

(e) The obligation of a party to pay the instrument is not discharged under subsections (a) through (d) if:

(1) a claim to the instrument under IC 26-1-3.1-306 is enforceable against the party receiving payment and (i) payment is made with knowledge by the payor that payment is prohibited by injunction or similar process of a court of competent jurisdiction, or (ii) in the case of an instrument other than a cashier's check, teller's check, or certified check, the party making payment accepted, from the person having a claim to the instrument, indemnity against loss resulting from refusal to pay the person entitled to enforce the instrument; or

(2) the person making payment knows that the instrument is a stolen instrument and pays a person it knows is in wrongful possession of the instrument.

(f) As used in this section, "signed", with respect to a record that is not a writing, includes the attachment to or logical association with the record of an electronic symbol, sound, or process with the present intent to adopt or accept the record.

As added by P.L.222-1993, SEC.5. Amended by P.L.135-2009, SEC.12.
Ind. Code § 26-1-4-214 — Indiana Code / Title 26 / Article 1 / Chapter 4 / Section 26-1-4-214
Right of charge-back or refund; liability of collecting bank; return of item
Status: in_force

Sec. 214. (a) If a collecting bank has made provisional settlement with its customer for an item and fails by reason of dishonor, suspension of payments by a bank, or otherwise to receive settlement for the item which is or becomes final, the bank may revoke the settlement given by it, charge back the amount of any credit given for the item to its customer's account, or obtain refund from its customer, whether or not it is able to return the item, if by its midnight deadline or within a longer reasonable time after it learns the facts it returns the item or sends notification of the facts. If the return or notice is delayed beyond the bank's midnight deadline or a longer reasonable time after it learns the facts, the bank may revoke the settlement, charge back the credit, or obtain refund from its customer, but it is liable for any loss resulting from the delay. These rights to revoke, charge back, and obtain refund terminate if and when a settlement for the item received by the bank is or becomes final.

(b) A collecting bank returns an item when it is sent or delivered to the bank's customer or transferor or under its instructions.

(c) A depositary bank that is also the payor may charge back the amount of an item to its customer's account or obtain refund in accordance with the section governing return of an item received by a payor bank for credit on its books (IC 26-1-4-301).

(d) The right to charge back is not affected by:

(1) previous use of a credit given for the item; or

(2) failure by any bank to exercise ordinary care with respect to the item, but a bank so failing remains liable.

(e) A failure to charge back or claim refund does not affect other rights of the bank against the customer or any other party.

(f) If credit is given in dollars as the equivalent of the value of an item payable in foreign money, the dollar amount of any charge-back or refund must be calculated on the basis of the bank-offered spot rate for the foreign money prevailing on the day when the person entitled to the charge-back or refund learns that it will not receive payment in ordinary course.

Formerly: Acts 1963, c.317, s.4-214. As amended by P.L.152-1986, SEC.221; P.L.222-1993, SEC.30.
Ind. Code § 26-1-9.1-524 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-524
Delay by filing office
Status: in_force

Sec. 524. Delay by the filing office beyond a time limit prescribed in IC 26-1-9.1-501 through IC 26-1-9.1-527 is excused if:

(1) the delay is caused by interruption of communication or computer facilities, war, emergency conditions, failure of equipment, or other circumstances beyond control of the filing office; and

(2) the filing office exercises reasonable diligence under the circumstances.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-3.1-102 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-102
Subject matter
Status: in_force

Sec. 102. (a) IC 26-1-3.1 applies to negotiable instruments. It does not apply to money, to payment orders governed by IC 26-1-4.1, or to securities governed by IC 26-1-8.1.

(b) If there is conflict between IC 26-1-3.1 and IC 26-1-4 or IC 26-1-9.1, IC 26-1-4, and IC 26-1-9.1 govern.

(c) 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 26-1-3.1 to the extent of the inconsistency.

As added by P.L.222-1993, SEC.5. Amended by P.L.247-1995, SEC.4; P.L.57-2000, SEC.27.
Ind. Code § 26-3-8-3 — Indiana Code / Title 26 / Article 3 / Chapter 8 / Section 26-3-8-3
"Last known address"
Status: in_force

Sec. 3. As used in this chapter, "last known address" means the postal address or electronic mail address provided to the owner by the renter:

(1) for the purposes of the latest rental agreement; or

(2) in a written notice of a change of postal address or electronic mail address after the latest rental agreement.

As added by P.L.265-1987, SEC.1. Amended by P.L.144-2014, SEC.2.
Ind. Code § 26-3-7-29 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-29
Display of license or permit; schedule of charges; sign
Status: in_force

Sec. 29. A licensee shall:

(1) conspicuously display the licensee's license in the licensee's main office and at each facility included under the license;

(2) conspicuously display in each operational office the approved schedule of charges for services; and

(3) conspicuously display at each facility all charts and diagrams provided to the facility by the agency.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120, SEC.15. As amended by Acts 1982, P.L.155, SEC.17; P.L.125-1997, SEC.50.
Ind. Code § 26-1-9.1-806 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-806
Amendment of financing statement filed before July 1, 2013
Status: in_force

Sec. 806. (a) In this section, "pre-effective-date financing statement" means a financing statement filed before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013).

(b) After the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013), a person may add or delete collateral covered by, continue or terminate the effectiveness of, or otherwise amend the information provided in, a pre-effective-date financing statement only in accordance with the law of the jurisdiction governing perfection as provided in this chapter, as amended by P.L.54-2011. However, the effectiveness of a pre-effective-date financing statement also may be terminated in accordance with the law of the jurisdiction in which the financing statement is filed.

(c) Except as otherwise provided in subsection (d), if the law of this state governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013) only if:

(1) the pre-effective-date financing statement and an amendment are filed in the office specified in IC 26-1-9.1-501;

(2) an amendment is filed in the office specified in IC 26-1-9.1-501 concurrently with, or after the filing in that office of, an initial financing statement that satisfies IC 26-1-9.1-805(c); or

(3) an initial financing statement that provides the information as amended and satisfies IC 26-1-9.1-805(c) is filed in the office specified in IC 26-1-9.1-501.

(d) If the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under IC 26-1-9.1-804(c) and IC 26-1-9.1-804(e) or IC 26-1-9.1-805.

(e) Whether or not the law of this state governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in this state may be terminated after the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013) by filing a termination statement in the office in which the pre-effective-date financing statement is filed, unless an initial financing statement that satisfies IC 26-1-9.1-805(c) has been filed in the office specified by the law of the jurisdiction governing perfection as provided in this chapter, as amended by P.L.54-2011, as the office in which to file a financing statement.

As added by P.L.54-2011, SEC.25. Amended by P.L.6-2012, SEC.183.
Ind. Code § 26-2-8-103 — Indiana Code / Title 26 / Article 2 / Chapter 8 / Section 26-2-8-103
Scope
Status: in_force

Sec. 103. (a) Except as otherwise provided in subsection (b), this chapter applies to electronic records and electronic signatures that relate to a transaction.

(b) This chapter does not apply to transactions subject to the following laws:

(1) A law governing the creation and execution of wills, codicils, or testamentary trusts.

(2) IC 26-1 other than IC 26-1-1-107, IC 26-1-1-206, IC 26-1-2, and IC 26-1-2.1.

(3) Laws specifically excluded by a governmental agency under sections 201 and 202 of this chapter.

(c) This chapter applies to an electronic record or electronic signature otherwise excluded from the application of this chapter under subsection (b) when used for transactions subject to a law other than those specified in subsection (b).

(d) A transaction subject to this chapter is also subject to other applicable substantive law.

As added by P.L.62-2000, SEC.1. Amended by P.L.46-2001, SEC.1.
Ind. Code § 26-1-3.1-104 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-104
"Negotiable instrument"; "instrument"; "note"; "draft"; "check"; "cashier's check"; "teller's check"; "traveler's check"; "certificate of deposit"
Status: in_force

Sec. 104. (a) Except as provided in subsections (c) and (d), "negotiable instrument" means an unconditional promise or order to pay a fixed amount of money, with or without interest or other charges described in the promise or order, if it:

(1) is payable to bearer or to order at the time it is issued or first comes into possession of a holder;

(2) is payable on demand or at a definite time; and

(3) does not state any other undertaking or instruction by the person promising or ordering payment to do any act in addition to the payment of money, but the promise or order may contain:

(A) an undertaking or power to give, maintain, or protect collateral to secure payment;

(B) an authorization or power to the holder to confess judgment or realize on or dispose of collateral;

(C) a waiver of the benefit of any law intended for the advantage or protection of an obligor;

(D) a term that specifies the law that governs the promise or order; or

(E) an undertaking to resolve in a specified forum a dispute concerning the promise or order.

(b) "Instrument" means a negotiable instrument.

(c) An order that meets all of the requirements of subsection (a), except subdivision (1), and otherwise falls within the definition of "check" in subsection (f) is a negotiable instrument and a check.

(d) A promise or order other than a check is not an instrument if, at the time it is issued or first comes into possession of a holder, it contains a conspicuous statement, however expressed, to the effect that the promise or order is not negotiable or is not an instrument governed by IC 26-1-3.1.

(e) An instrument is a "note" if it is a promise and is a "draft" if it is an order. If an instrument falls within the definition of both "note" and "draft", a person entitled to enforce the instrument may treat it as either.

(f) "Check" means:

(1) a draft, other than a documentary draft, payable on demand and drawn on a bank; or

(2) a cashier's check or teller's check.

An instrument may be a check even though it is described on its face by another term, such as "money order".

(g) "Cashier's check" means a draft with respect to which the drawer and drawee are the same bank or branches of the same bank.

(h) "Teller's check" means a draft drawn by a bank:

(1) on another bank; or

(2) payable at or through a bank.

(i) "Traveler's check" means an instrument that:

(1) is payable on demand;

(2) is drawn on or payable at or through a bank;

(3) is designated by the term "traveler's check" or by a substantially similar term; and

(4) requires, as a condition to payment, a countersignature by a person whose specimen signature appears on the instrument.

(j) "Certificate of deposit" means an instrument containing an acknowledgment by a bank that a sum of money has been received by the bank and a promise by the bank to repay the sum of money. A certificate of deposit is a note of the bank.

As added by P.L.222-1993, SEC.5. Amended by P.L.199-2023, SEC.18.
Ind. Code § 26-1-9.1-613 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-613
Contents and form of notification before disposition of collateral; transaction other than consumer-goods transaction
Status: in_force

Sec. 613. (a) Except in a consumer-goods transaction, the following rules apply:

(1) The contents of a notification of disposition are sufficient if the notification:

(A) describes the debtor and the secured party;

(B) describes the collateral that is the subject of the intended disposition;

(C) states the method of intended disposition;

(D) states that the debtor is entitled to an accounting of the unpaid indebtedness and states the charge, if any, for an accounting; and

(E) states the time and place of a public disposition or the time after which any other disposition is to be made.

(2) Whether the contents of a notification that lacks any of the information specified in subdivision (1) are nevertheless sufficient is a question of fact.

(3) The contents of a notification providing substantially the information specified in subdivision (1) are sufficient, even if the notification includes:

(A) information not specified by that subdivision; or

(B) minor errors that are not seriously misleading.

(4) A particular phrasing of the notification is not required.

(5) The following form of notification and the form appearing in IC 26-1-9.1-614(a)(3), when completed in accordance with subsection (b) and IC 26-1-9.1-614(b), each provides sufficient information:

NOTIFICATION OF DISPOSITION OF COLLATERAL

To: (Name of debtor, obligor, or other person to which the notification is sent)

From: (Name, address, and telephone number of secured party)

{1} Name of any debtor that is not an addressee: (Name of each debtor)

{2} We will sell (describe collateral) (to the highest qualified bidder) at public sale. A sale could include a lease or license. The sale will be held as follows:

(Date)

(Time)

(Place)

{3} We will sell (describe collateral) at private sale sometime after (date). A sale could include a lease or license.

{4} You are entitled to an accounting of the unpaid indebtedness secured by the property that we intend to sell or, as applicable, lease or license.

{5} If you request an accounting, you must pay a charge of $ (amount).

{6} You may request an accounting by calling us at (telephone number).

(End of Form)

(b) The following instructions apply to the form of notification in subsection (a)(5):

(1) The instructions in this subsection refer to the numbers in braces before items in the form of notification in subsection (a)(5). The numbers in braces:

(A) are used only for the purpose of the instructions under this subsection; and

(B) must not be included in the notification.

(2) Include and complete item {1} only if there is a debtor that is not an addressee of the notification. List the name of each of those debtors.

(3) Include and complete either item {2}, if the notification relates to a public disposition of the collateral, or item {3}, if the notification relates to a private disposition of the collateral. If item {2} is included, include the words "to the highest bidder" only if applicable.

(4) Include and complete items {4} and {6}.

(5) Include and complete item {5} only if the sender will charge the recipient for an accounting.

As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.80.
Ind. Code § 26-3-7-27.5 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-27.5
Notice of deficiency; informal meeting; revocation of license; penalty
Status: in_force

Sec. 27.5. (a) For purposes of this section, the following apply:

(1) "Unencumbered assets" means a licensee's unencumbered assets as demonstrated by the agency's inspection of the licensee's books and records.

(2) "Unpaid balance of grain payables" means a licensee's unpaid balance of grain payables demonstrated by the agency's inspection of the licensee's books and records.

(b) If an on-premises inspection of a licensee's books and records demonstrates that the licensee, as of the time of the inspection, did not have unencumbered assets with a value at least equal to eighty-five percent (85%) of the unpaid balance of grain payables covered by each license held by the licensee, then:

(1) the director or the director's designated representative shall issue a notice of deficiency to the licensee; and

(2) the licensee shall cure the unencumbered asset deficiency within ninety (90) days from the receipt of the notice.

(c) Unencumbered assets may consist of the aggregate of any of the following:

(1) Company owned grain.

(2) Cash on hand.

(3) Cash held on account in federally or state licensed financial institutions or in lending institutions of the Federal Farm Credit Administration.

(4) Investments held in time accounts with federally or state licensed financial institutions.

(5) Direct obligations of the United States government.

(6) Balances in grain margin accounts determined by marking to market.

(7) Balances due or to become due to the licensee on deferred pricing contracts.

(8) Marketable securities, including mutual funds.

(9) Irrevocable letters of credit that:

(A) comply with the requirements of this chapter; and

(B) are in addition to any letter of credit filed with the director to satisfy the deposit, bond, or other security requirements of this chapter.

(10) Deferred pricing contract service charges due or to become due to the licensee.

(11) Other evidence of proceeds from or of grain that is acceptable to the agency.

(12) Seed inventory.

(13) Other assets that the agency may include in rules adopted under section 38 of this chapter.

(d) If a licensee has more than one (1) license, the unencumbered assets at the time of the inspections under subsection (b) must have a value at least equal to the sum of the amounts required under subsection (b) for each individual license held by the licensee.

(e) If the licensee's demonstrated current unencumbered assets are less than or equal to eighty-five percent (85%) of the required amount or the licensee has not cured the unencumbered assets deficiency as required in subsection (b)(2), then the director shall hold an informal meeting in accordance with this chapter and, within thirty (30) days of the conclusion of the informal meeting, issue either:

(1) a consent agreement that requires the licensee to take certain actions within a set period, not to exceed twelve (12) months, to remedy the current unencumbered assets deficiency, as the director deems necessary and appropriate; or

(2) an order that revokes the license or licenses of the licensee.

(f) If a licensee, after an informal meeting in subsection (e):

(1) does not meet the requirements in subsection (e)(1), the director shall revoke; or

(2) has an unencumbered asset deficiency that has continued to decline, the director may revoke;

the license or licenses of the licensee.

(g) Subject to section 31.8 of this chapter, the director shall assess a fine of one thousand dollars ($1,000) on a licensee that does not maintain the unencumbered asset requirement under subsection (b).

(h) Nothing in this section precludes the agency from conducting an on-premises inspection of a licensee at any time the director may consider an inspection to be necessary or appropriate.

As added by P.L.114-2025, SEC.32. Amended by P.L.23-2026, SEC.257.
Ind. Code § 26-1-12.5-102 — Indiana Code / Title 26 / Article 1 / Chapter 12.5 / Section 26-1-12.5-102
Definitions; applicability of definitions concerning secured transactions; applicability of general definitions and principles of construction and interpretation
Status: in_force

Sec. 102. (a) In this chapter, the following terms have the following meanings:

(1) The following terms have the following meanings:

(A) "Act" refers to the amendments to IC 26-1 that:

(i) were made during the 2023 regular session of the general assembly; and

(ii) took effect July 1, 2023.

(B) "Adjustment date" means July 1, 2025.

(2) "Chapter 12" refers to IC 26-1-12.

(3) "Chapter 12 property" means a controllable account, a controllable electronic record, or a controllable payment intangible.

(b) The following definitions in other chapters of IC 26-1 apply to this chapter:

"Controllable account". IC 26-1-9.1-102.

"Controllable electronic record". IC 26-1-12-102.

"Controllable payment intangible". IC 26-1-9.1-102.

"Financing statement". IC 26-1-9.1-102.

(c) IC 26-1-1 contains general definitions and principles of construction and interpretation that apply throughout this chapter.

As added by P.L.199-2023, SEC.91.
Ind. Code § 26-3-7-11 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-11
Repealed
Status: repealed

Formerly: Acts 1973, P.L.268, SEC.1. Repealed by Acts 1979, P.L.249, SEC.18.
Ind. Code § 26-4-1-19.3 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-19.3
"Revocation of a license"
Status: in_force

Sec. 19.3. "Revocation of a license" has the meaning set forth in IC 26-3-7-2.

As added by P.L.114-2025, SEC.55.
Ind. Code § 26-1-2.1-203 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-203
Seals inoperative
Status: in_force

Sec. 203. The affixing of a seal to a record evidencing a lease contract or an offer to enter into a lease contract does not render the record a sealed instrument and the law with respect to sealed instruments does not apply to the lease contract or offer.

As added by P.L.189-1991, SEC.3. Amended by P.L.199-2023, SEC.15.
Ind. Code § 26-1-2-504 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-504
Shipment by seller
Status: in_force

Sec. 504. Where the seller is required or authorized to send the goods to the buyer and the contract does not require him to deliver them at a particular destination, then unless otherwise agreed he must

(a) put the goods in the possession of such a carrier and make such a contract for their transportation as may be reasonable having regard to the nature of the goods and other circumstances of the case; and

(b) obtain and promptly deliver or tender in due form any document necessary to enable the buyer to obtain possession of the goods or otherwise required by the agreement or by usage of trade; and

(c) promptly notify the buyer of the shipment.

Failure to notify the buyer under paragraph (c) or to make a proper contract under paragraph (a) is a ground for rejection only if material delay or loss ensues.

Formerly: Acts 1963, c.317, s.2-504.
Ind. Code § 26-1-2-707 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-707
"Person in the position of a seller"
Status: in_force

Sec. 707. (1) A "person in the position of a seller" includes (as against a principal) an agent who has paid or become responsible for the price of goods on behalf of his principal or anyone who otherwise holds a security interest or other right in goods similar to that of a seller.

(2) A person in the position of a seller may as provided in IC 26-1-2 withhold or stop delivery (IC 26-1-2-705) and resell (IC 26-1-2-706) and recover incidental damages (IC 26-1-2-710).

Formerly: Acts 1963, c.317, s.2-707. As amended by P.L.152-1986, SEC.166.
Ind. Code § 26-1-7-101 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-101
Short title
Status: in_force

Sec. 101. This chapter may be cited as Uniform Commercial Code ─ Documents of Title.

Formerly: Acts 1963, c.317, s.7-101. As amended by P.L.152-1986, SEC.244; P.L.143-2007, SEC.24.
Ind. Code § 26-1-9.1-321 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-321
Licensee of general intangible and lessee of goods in ordinary course of business
Status: in_force

Sec. 321. (a) In this section, "licensee in ordinary course of business" means a person that becomes a licensee of a general intangible in good faith, without knowledge that the license violates the rights of another person in the general intangible, and in the ordinary course from a person in the business of licensing general intangibles of that kind. A person becomes a licensee in the ordinary course if the license to the person comports with the usual or customary practices in the kind of business in which the licensor is engaged or with the licensor's own usual or customary practices.

(b) A licensee in ordinary course of business takes its rights under a nonexclusive license free of a security interest in the general intangible created by the licensor, even if the security interest is perfected and the licensee knows of its existence.

(c) A lessee in ordinary course of business takes its leasehold interest free of a security interest in the goods created by the lessor, even if the security interest is perfected and the lessee knows of its existence.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-3-7-4.7 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-4.7
Relinquishment of license
Status: in_force

Sec. 4.7. (a) If a licensee desires to relinquish its license issued under this chapter, the licensee shall submit a written request to the director to relinquish the license. The relinquishment request must include a certification from the licensee that the licensee:

(1) has fully satisfied all payment obligations to all producers for any grain purchased by the licensee including any payment obligations under any contract, deferred pricing agreement, deferred payment agreement, or other similar legal instrument;

(2) has no outstanding storage obligations to any licensee or person;

(3) is not party to any contract, deferred pricing agreement, basis contract, hold-pay agreement, or other similar legal instrument under which grain will be delivered to the licensee; and

(4) either does not have receipts in its possession or, if the licensee has receipts in its possession, the receipts are enclosed or will be provided to the director or the director's designated representative to facilitate the recovery of unused receipts under section 30 of this chapter.

(b) The relinquishment request must include a list of all known customers of the licensee in the preceding eighteen (18) months and the last known telephone numbers and mailing addresses of each person identified.

(c) The agency shall send a notice to each known customer of the licensee from the list provided in subsection (b) for the preceding eighteen (18) months.

(d) Before the director may grant the licensee's relinquishment request the agency shall perform a closeout audit of the licensee.

As added by P.L.114-2025, SEC.9.
Ind. Code § 26-4-8-3 — Indiana Code / Title 26 / Article 4 / Chapter 8 / Section 26-4-8-3
Interference with board's or corporation's performance of duties
Status: in_force

Sec. 3. Except as permitted by law, a person who willfully or knowingly resists, prevents, impedes, or interferes with the board or other agents or employees of the corporation or the board in the performance of the duties assigned under this article commits a Class A misdemeanor.

As added by P.L.250-1995, SEC.1.
Ind. Code § 26-1-9.1-336 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-336
Commingled goods
Status: in_force

Sec. 336. (a) As used in this section, "commingled goods" means goods that are physically united with other goods in such a manner that their identity is lost in a product or mass.

(b) A security interest does not exist in commingled goods as such. However, a security interest may attach to a product or mass that results when goods become commingled goods.

(c) If collateral becomes commingled goods, a security interest attaches to the product or mass.

(d) If a security interest in collateral is perfected before the collateral becomes commingled goods, the security interest that attaches to the product or mass under subsection (c) is perfected.

(e) Except as otherwise provided in subsection (f), the other provisions of IC 26-1-9.1-301 through IC 26-1-9.1-342 determine the priority of a security interest that attaches to the product or mass under subsection (c).

(f) If more than one (1) security interest attaches to the product or mass under subsection (c), the following rules determine priority:

(1) A security interest that is perfected under subsection (d) has priority over a security interest that is unperfected at the time the collateral becomes commingled goods.

(2) If more than one (1) security interest is perfected under subsection (d), the security interests rank equally in proportion to value of the collateral at the time it became commingled goods.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-4-1-9 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-9
"Director"
Status: in_force

Sec. 9. "Director" means the director of the agency (as defined in section 3 of this chapter).

As added by P.L.250-1995, SEC.1.
Ind. Code § 26-1-2.1-202 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-202
Record intended as final expression of parties' agreement; parol or extrinsic evidence
Status: in_force

Sec. 202. Terms with respect to which the confirmatory memoranda of the parties agree or which are otherwise set forth in a record intended by the parties as a final expression of their agreement with respect to such terms as are included therein may not be contradicted by evidence of any prior agreement or of a contemporaneous oral agreement but may be explained or supplemented:

(a) by course of dealing or usage of trade or by course of performance; and

(b) by evidence of consistent additional terms unless the court finds the record to have been intended also as a complete and exclusive statement of the terms of the agreement.

As added by P.L.189-1991, SEC.3. Amended by P.L.199-2023, SEC.14.
Ind. Code § 26-1-8.1-201 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-201
"Issuer" defined
Status: in_force

Sec. 201. (a) With respect to an obligation on or a defense to a security, an "issuer" includes a person that:

(1) places or authorizes the placing of its name on a security certificate, other than as authenticating trustee, registrar, transfer agent, or the like, to evidence a share, participation, or other interest in its property or in an enterprise, or to evidence its duty to perform an obligation represented by the certificate;

(2) creates a share, participation, or other interest in its property or in an enterprise, or undertakes an obligation, that is an uncertificated security;

(3) directly or indirectly creates a fractional interest in its rights or property, if the fractional interest is represented by a security certificate; or

(4) becomes responsible for, or is in place of, another person described as an issuer in this section.

(b) With respect to an obligation on or defense to a security, a guarantor is an issuer to the extent of its guaranty, whether or not its obligation is noted on a security certificate.

(c) With respect to a registration of a transfer, issuer means a person on whose behalf transfer books are maintained.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-4-3-10 — Indiana Code / Title 26 / Article 4 / Chapter 3 / Section 26-4-3-10
Repealed
Status: repealed

As added by P.L.5-1996, SEC.18. Repealed by P.L.177-2011, SEC.5.
Ind. Code § 26-1-2.1-522 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-522
Lessee's right to goods on lessor's insolvency
Status: in_force

Sec. 522. (1) Subject to subsection (2) and even though the goods have not been shipped, a lessee who has paid a part or all of the rent and security for goods identified to a lease contract (IC 26-1-2.1-217) on making and keeping good a tender of any unpaid portion of the rent and security due under the lease contract may recover the goods identified from the lessor if the lessor becomes insolvent within ten (10) days after receipt of the first installment of rent and security.

(2) A lessee acquires the right to recover goods identified to a lease contract only if they conform to the lease contract.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-3-7-20 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-20
Grain owned by licensee; receipts; transfer
Status: in_force

Sec. 20. A licensee may issue a receipt for grain owned by the licensee in whole or in part, located in the licensee's facility. The negotiation, transfer, sale, or pledge of the receipt shall not be defeated by reason of the licensee's ownership.

Formerly: Acts 1973, P.L.268, SEC.1. As amended by P.L.3-1989, SEC.150; P.L.125-1997, SEC.42.
Ind. Code § 26-1-3.1-117 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-117
Other agreements affecting instrument
Status: in_force

Sec. 117. Subject to applicable law regarding exclusion of proof of contemporaneous or previous agreements, the obligation of a party to an instrument to pay the instrument may be modified, supplemented, or nullified by a separate agreement of the obligor and a person entitled to enforce the instrument, if the instrument is issued or the obligation is incurred in reliance on the agreement or as part of the same transaction giving rise to the agreement. To the extent an obligation is modified, supplemented, or nullified by an agreement under this section, the agreement is a defense to the obligation.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-7-504 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-504
Rights acquired in the absence of due negotiation; effect of diversion; seller's stoppage of delivery
Status: in_force

Sec. 504. (a) A transferee of a document of title, whether negotiable or nonnegotiable, to which the document has been delivered but not duly negotiated, acquires the title and rights that the transferor had or had actual authority to convey.

(b) In the case of a transfer of a nonnegotiable document of title, until but not after the bailee receives notice of the transfer, the rights of the transferee may be defeated:

(1) by those creditors of the transferor that could treat the transfer as void under IC 26-1-2-402 or IC 26-1-2.1-308;

(2) by a buyer from the transferor in ordinary course of business if the bailee has delivered the goods to the buyer or received notification of the buyer's rights;

(3) by a lessee from the transferor in ordinary course of business if the bailee has delivered the goods to the lessee or received notification of the lessee's rights; or

(4) as against the bailee by good faith dealings of the bailee with the transferor.

(c) A diversion or other change of shipping instructions by the consignor in a nonnegotiable bill of lading which causes the bailee not to deliver the goods to the consignee defeats the consignee's title to the goods if the goods have been delivered to a buyer in ordinary course of business or a lessee in ordinary course of business, and, in any event, defeats the consignee's rights against the bailee.

(d) Delivery of the goods pursuant to a nonnegotiable document of title may be stopped by a seller under IC 26-1-2-705 or a lessor under IC 26-1-2.1-526 and subject to the requirements of due notification provided in those sections. A bailee that honors the seller's or lessor's instructions is entitled to be indemnified by the seller or the lessor against any resulting loss or expense.

Formerly: Acts 1963, c.317, s.7-504. As amended by P.L.152-1986, SEC.259; P.L.143-2007, SEC.55.
Ind. Code § 26-4-6-2 — Indiana Code / Title 26 / Article 4 / Chapter 6 / Section 26-4-6-2
Repealed
Status: repealed

As added by P.L.250-1995, SEC.1. Repealed by P.L.60-2015, SEC.20.
Ind. Code § 26-1-3.1-402 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-402
Signature by representative
Status: in_force

Sec. 402. (a) If a person acting, or purporting to act, as a representative signs an instrument by signing either the name of the represented person or the name of the signer, the represented person is bound by the signature to the same extent the represented person would be bound if the signature were on a simple contract. If the represented person is bound, the signature of the representative is the "authorized signature of the represented person" and the represented person is liable on the instrument, whether or not identified in the instrument.

(b) If a representative signs the name of the representative to an instrument and the signature is an authorized signature of the represented person, the following rules apply:

(1) If the form of the signature shows unambiguously that the signature is made on behalf of the represented person who is identified in the instrument, the representative is not liable on the instrument.

(2) Subject to subsection (c), if:

(A) the form of the signature does not show unambiguously that the signature is made in a representative capacity; or

(B) the represented person is not identified in the instrument;

the representative is liable on the instrument to a holder in due course that took the instrument without notice that the representative was not intended to be liable on the instrument. With respect to any other person, the representative is liable on the instrument unless the representative proves that the original parties did not intend the representative to be liable on the instrument.

(c) If a representative signs the name of the representative as drawer of a check without indication of the representative status and the check is payable from an account of the represented person who is identified on the check, the signer is not liable on the check if the signature is an authorized signature of the represented person.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-8.1-505 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-505
Duty of securities intermediary to obtain and pay distributions on financial assets
Status: in_force

Sec. 505. (a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:

(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or

(2) in the absence of agreement, the securities intermediary exercises due care in accordance with reasonable commercial standards to attempt to obtain the payment or distribution.

(b) A securities intermediary is obligated to its entitlement holder for a payment or distribution made by the issuer of a financial asset if the payment or distribution is received by the securities intermediary.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-9.1-802 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-802
Security interest perfected before July 1, 2013
Status: in_force

Sec. 802. (a) A security interest that is a perfected security interest immediately before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013) is a perfected security interest under this chapter, as amended by P.L.54-2011 if, when the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013), the applicable requirements for attachment and perfection under this chapter, as amended by P.L.54-2011, are satisfied without further action.

(b) Except as otherwise provided in IC 26-1-9.1-804, if, immediately before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013), a security interest is a perfected security interest, but the applicable requirements for perfection under this chapter, as amended by P.L.54-2011, are not satisfied when the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013), the security interest remains perfected thereafter only if the applicable requirements for perfection under this chapter, as amended by P.L.54-2011, are satisfied within one (1) year after the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013).

As added by P.L.54-2011, SEC.21. Amended by P.L.6-2012, SEC.179.
Ind. Code § 26-4-1-8 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-8
Repealed
Status: repealed

As added by P.L.250-1995, SEC.1. Amended by P.L.75-2010, SEC.16. Repealed by P.L.32-2021, SEC.73.
Ind. Code § 26-3-7.5-3 — Indiana Code / Title 26 / Article 3 / Chapter 7.5 / Section 26-3-7.5-3
Inspection requirement
Status: in_force

Sec. 3. The director or the director's designated representative shall, at least one (1) time each year, inspect and test all equipment used to test the moisture content of grain purchased from producers.

As added by P.L.114-2025, SEC.43.
Ind. Code § 26-1-9.1-339 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-339
Priority subject to subordination
Status: in_force

Sec. 339. IC 26-1-9.1 does not preclude subordination by agreement by a person entitled to priority.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-9.1-504 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-504
Indication of collateral
Status: in_force

Sec. 504. A financing statement sufficiently indicates the collateral that it covers if the financing statement provides:

(1) a description of the collateral pursuant to IC 26-1-9.1-108; or

(2) an indication that the financing statement covers all assets or all personal property.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-3-7-4.5 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-4.5
Repealed
Status: repealed

As added by Acts 1979, P.L.249, SEC.1. Amended by Acts 1982, P.L.155, SEC.5. Repealed by P.L.125-1997, SEC.57.
Ind. Code § 26-4-1-4.5 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-4.5
"Claim"
Status: in_force

Sec. 4.5. "Claim" means a claim that has been vetted through the agency process under IC 26-3-7-16.5 where the claimant has provided the agency with documentation of the financial loss the claimant has experienced minus any payments made to the claimant regarding said loss.

As added by P.L.114-2025, SEC.46.
Ind. Code § 26-1-1-102 — Indiana Code / Title 26 / Article 1 / Chapter 1 / Section 26-1-1-102
Purposes; rules of construction; variation by agreement
Status: in_force

Sec. 102. (1) IC 26-1 shall be liberally construed and applied to promote its underlying purposes and policies.

(2) Underlying purposes and policies of IC 26-1 are:

(a) to simplify, clarify, and modernize the law governing commercial transactions;

(b) to permit the continued expansion of commercial practices through custom, usage, and agreement of the parties;

(c) to make uniform the law among the various jurisdictions.

(3) The effect of provisions of IC 26-1 may be varied by agreement, except as otherwise provided in IC 26-1 and except that the obligations of good faith, diligence, reasonableness, and care prescribed by IC 26-1 may not be disclaimed by agreement, but the parties may by agreement determine the standards by which the performance of such obligations is to be measured, if such standards are not manifestly unreasonable.

(4) The presence in certain provisions of IC 26-1 of the words "unless otherwise agreed" or words of similar import does not imply that the effect of other provisions may not be varied by agreement under subsection (3).

(5) In IC 26-1, unless the context otherwise requires:

(a) words in the singular number include the plural, and in the plural include the singular;

(b) words of the masculine gender include the feminine and the neuter, and when the sense so indicates, words of the neuter gender may refer to any gender.

Formerly: Acts 1963, c.317, s.1-102. As amended by P.L.152-1986, SEC.111.
Ind. Code § 26-2-8-114 — Indiana Code / Title 26 / Article 2 / Chapter 8 / Section 26-2-8-114
Time and place of sending and receipt
Status: in_force

Sec. 114. (a) Unless otherwise agreed between the sender and the recipient, an electronic record is sent when the information is addressed or otherwise directed properly to the recipient and either:

(1) enters an information processing system outside the control of the sender or of a person that sent the electronic record on behalf of the sender; or

(2) enters a region of an information processing system that is under the control of the recipient.

(b) Unless otherwise agreed between the sender and the recipient, an electronic record is received when:

(1) it enters an information processing system that the recipient has designated or uses for the purpose of receiving electronic records or information of the type sent from which the recipient is able to retrieve the electronic record; and

(2) the electronic record is in a form capable of being processed by that system.

(c) Subsection (b) applies even if the place the information processing system is located is different from the place the electronic record is deemed to be received under subsection (d).

(d) Unless otherwise expressly provided in the electronic record or agreed between the sender and the recipient, an electronic record is deemed to be sent from the sender's place of business and is deemed to be received at the recipient's place of business. For purposes of this subsection, the following rules apply:

(1) If the sender or recipient has more than one (1) place of business, the place of business of that person is that which has the closest relationship to the underlying transaction.

(2) If the sender or the recipient does not have a place of business, the place of business is the sender's or recipient's residence, as the case may be.

(e) An electronic record is effective when received even if no individual is aware of its receipt.

(f) Receipt of an electronic acknowledgment from an information processing system described in subsection (b) establishes that a record was received but, in itself, does not establish that the content sent corresponds to the content received.

(g) If a law other than this chapter requires that a record be sent or received, the requirement is satisfied by an electronic record only if it is sent in accordance with subsection (a) or received in accordance with subsection (b). If a person is aware that an electronic record purportedly sent under subsection (a), or purportedly received under subsection (b), was not actually sent or received, the legal effect of the sending or receipt is determined by other applicable law. Except to the extent permitted by the other law, this subsection may not be varied by agreement.

As added by P.L.62-2000, SEC.1.
Ind. Code § 26-1-2.1-311 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-311
Subordination by agreement; persons entitled to priority
Status: in_force

Sec. 311. Nothing in IC 26-1-2.1 prevents subordination by agreement by any person entitled to priority.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-1-2-604 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-604
Buyer's options as to salvage of rightfully rejected goods
Status: in_force

Sec. 604. Subject to the provisions of IC 26-1-2-603 on perishables, if the seller gives no instructions within a reasonable time after notification of rejection, the buyer may store the rejected goods for the seller's account or reship them to him or resell them for the seller's account with reimbursement as provided in IC 26-1-2-603. Such action is not acceptance or conversion.

Formerly: Acts 1963, c.317, s.2-604. As amended by P.L.152-1986, SEC.154.
Ind. Code § 26-1-9.1-518 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-518
Claim concerning inaccurate or wrongfully filed record
Status: in_force

Sec. 518. (a) A person may file in the filing office an information statement with respect to a record indexed there under the person's name if the person believes that the record is inaccurate or was wrongfully filed.

(b) An information statement under subsection (a) must:

(1) identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;

(2) indicate that it is an information statement; and

(3) provide the basis for the person's belief that the record is inaccurate and indicate the manner in which the person believes the record should be amended to cure any inaccuracy or provide the basis for the person's belief that the record was wrongfully filed.

(c) A person may file in the filing office an information statement with respect to a record filed there if the person is a secured party of record with respect to the financing statement to which the record relates and believes that the person that filed the record was not entitled to do so under IC 26-1-9.1-509(d).

(d) An information statement under subsection (c) must:

(1) identify the record to which it relates by the file number assigned to the initial financing statement to which the record relates;

(2) indicate that it is an information statement; and

(3) provide the basis for the person's belief that the person that filed the record was not entitled to do so under IC 26-1-9.1-509(d).

(e) The filing of an information statement does not affect the effectiveness of an initial financing statement or other filed record.

As added by P.L.57-2000, SEC.45. Amended by P.L.54-2011, SEC.17.
Ind. Code § 26-1-1.5-2 — Indiana Code / Title 26 / Article 1 / Chapter 1.5 / Section 26-1-1.5-2
Repealed
Status: repealed

As added by P.L.57-2000, SEC.14. Repealed by P.L.54-2011, SEC.28.
Ind. Code § 26-2-10-7 — Indiana Code / Title 26 / Article 2 / Chapter 10 / Section 26-2-10-7
Violations
Status: in_force

Sec. 7. A motor vehicle repossession agent who violates section 6 of this chapter commits a Class C infraction.

As added by P.L.38-2009, SEC.1.
Ind. Code § 26-4-1-16 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-16
"Participant in the grain indemnity program"
Status: in_force

Sec. 16. "Participant in the grain indemnity program" means a producer who has:

(1) not requested and received a refund under IC 26-4-5-1 after June 30, 2015; or

(2) reentered the program under IC 26-4-5-2.

As added by P.L.250-1995, SEC.1. Amended by P.L.268-2001, SEC.1; P.L.145-2017, SEC.14.
Ind. Code § 26-1-8.1-210 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-210
Overissue of security; refund in the event of unavailability of security
Status: in_force

Sec. 210. (a) In this section, "overissue" means the issue of securities in excess of the amount the issuer has corporate power to issue, but an overissue does not occur if appropriate action has cured the overissue.

(b) Except as otherwise provided in subsections (c) and (d), the provisions of IC 26-1-8.1 which validate a security or compel its issue or reissue do not apply to the extent that validation, issue, or reissue would result in overissue.

(c) If an identical security not constituting an overissue is reasonably available for purchase, a person entitled to issue or validation may compel the issuer to purchase the security and deliver it if certificated or register its transfer if uncertificated, against surrender of any security certificate the person holds.

(d) If a security is not reasonably available for purchase, a person entitled to issue or validation may recover from the issuer the price the person or the last purchaser for value paid for it with interest from the date of the person's demand.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-9.1-626 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-626
Action in which deficiency or surplus is in issue
Status: in_force

Sec. 626. In an action arising from a transaction in which the amount of a deficiency or surplus is in issue, the following rules apply:

(1) A secured party need not prove compliance with the provisions of IC 26-1-9.1-601 through IC 26-1-9.1-628 relating to collection, enforcement, disposition, or acceptance unless the debtor or a secondary obligor places the secured party's compliance in issue.

(2) If the secured party's compliance is placed in issue, the secured party has the burden of establishing that the collection, enforcement, disposition, or acceptance was conducted in accordance with IC 26-1-9.1-601 through IC 26-1-9.1-628.

(3) Except as otherwise provided in IC 26-1-9.1-628, if a secured party fails to prove that the collection, enforcement, disposition, or acceptance was conducted in accordance with the provisions of IC 26-1-9.1-601 through IC 26-1-9.1-628 relating to collection, enforcement, disposition, or acceptance, the liability of a debtor or a secondary obligor for a deficiency is limited to an amount by which the sum of the secured obligation, expenses, and attorney's fees exceeds the greater of:

(A) the proceeds of the collection, enforcement, disposition, or acceptance; or

(B) the amount of proceeds that would have been realized had the noncomplying secured party proceeded in accordance with the provisions of IC 26-1-9.1-601 through IC 26-1-9.1-628 relating to collection, enforcement, disposition, or acceptance.

(4) For purposes of subdivision (3)(B), the amount of proceeds that would have been realized is equal to the sum of the secured obligation, expenses, and attorney's fees unless the secured party proves that the amount is less than that sum.

(5) If a deficiency or surplus is calculated under IC 26-1-9.1-615(f), the debtor or obligor has the burden of establishing that the amount of proceeds of the disposition is significantly below the range of prices that a complying disposition to a person other than the secured party, a person related to the secured party, or a secondary obligor would have brought.

As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.19.
Ind. Code § 26-1-8.1-302 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-302
Rights acquired by purchaser
Status: in_force

Sec. 302. (a) Except as otherwise provided in subsections (b) and (c), a purchaser of a certificated or uncertificated security acquires all rights in the security that the transferor had or had power to transfer.

(b) A purchaser of a limited interest acquires rights only to the extent of the interest purchased.

(c) A purchaser of a certificated security who as a previous holder had notice of an adverse claim does not improve its position by taking from a protected purchaser.

As added by P.L.247-1995, SEC.10. Amended by P.L.57-2000, SEC.43.
Ind. Code § 26-1-8.1-0.1 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-0.1
Effect of enactment of chapter
Status: in_force

Sec. 0.1. The addition of this chapter by P.L.247-1995 does not affect an action or a proceeding commenced before July 1, 1996.

As added by P.L.220-2011, SEC.417.
Ind. Code § 26-3-7-2 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-2
Definitions
Status: in_force

Sec. 2. The following definitions apply throughout this chapter:

(1) "Agency" refers to the Indiana grain buyers and warehouse licensing agency established under section 1 of this chapter.

(2) "Anniversary date" means the date that is ninety (90) calendar days after the fiscal year end of a business licensed under this chapter.

(3) "Basis contract" means an agreement that establishes the difference between the flat price contract and a specified futures price of the same or a related commodity.

(4) "Bin" means a bin, tank, interstice, or other container in a warehouse in which bulk grain may be stored.

(5) "Board" means the governing body of the Indiana grain indemnity corporation created by IC 26-4-3-2.

(6) "Buyer-warehouse" means a person that operates both as a warehouse licensed under this chapter and as a grain buyer.

(7) "Claimant" means a person to whom a licensee owes a storage or financial obligation under this chapter for grain that has been delivered to the licensee for sale or for storage under a bailment.

(8) "Crop year" means the period from one (1) year's harvest to the next year for a specified field crop as follows:

(A) Barley and barley seed from June 1 to May 31.

(B) Canola and canola seed from July 1 to June 30.

(C) Corn and corn seed from September 1 to August 31.

(D) Lentils and lentil seed from July 1 to June 30.

(E) Oats and oat seed from June 1 to May 31.

(F) Popcorn and popcorn seed from September 1 to August 31.

(G) Rye and rye seed from June 1 to May 31.

(H) Sorghum and sorghum seed from September 1 to August 31.

(I) Soybeans and soybean seed from September 1 to August 31.

(J) Sunflower and sunflower seed from September 1 to August 31.

(K) Wheat and wheat seed from June 1 to May 31.

(L) All other field crops and other field crop seed from September 1 to August 31.

(9) "Daily position record" means a written or electronic document that is maintained on a daily basis for each grain commodity, contains a record of the total amount of grain in inventory for that business day, and complies with any requirements established by the director.

(10) "Deferred pricing" means a purchase by a buyer in which title to the grain passes to the buyer and the price to be paid to the seller is not determined:

(A) at the time the grain is received by the buyer; or

(B) less than twenty-one (21) days after delivery.

(11) "Delayed payment" means:

(A) a purchase by a buyer in which title to the grain passes to the buyer at a determined price; and

(B) payment to the seller is not made in less than twenty-one (21) days after delivery.

(12) "Depositor" means any of the following:

(A) A person that delivers grain to a licensee under this chapter for storage or sale.

(B) A person that:

(i) owns or is the legal holder of a ticket or receipt issued by a licensee for grain received by the licensee; and

(ii) is the creditor of the issuing licensee for the value of the grain received in return for the ticket or receipt.

(C) A licensee that stores grain that the licensee owns solely, jointly, or in common with others in a warehouse owned or controlled by the licensee or another licensee.

(13) "Designated representative" means the person or persons designated by the director to act instead of the director in assisting in the administration of this chapter.

(14) "Director" means the director of the Indiana grain buyers and warehouse licensing agency appointed under section 1 of this chapter.

(15) "Facility" means a permanent business location or one (1) of several permanent business locations in Indiana that are operated as a warehouse or by a grain buyer.

(16) "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.

(17) "Fund" means the Indiana grain indemnity fund established under IC 26-4-4-1.

(18) "Grain" means corn for all uses, popcorn, wheat, oats, barley, rye, sorghum, soybeans, oil seeds, other agricultural commodities as approved by the agency, and seed as defined in this section. The term does not include canning crops for processing or sweet corn.

(19) "Grain assets" means any of the following:

(A) All grain and grain coproducts owned or stored by a licensee, including the following:

(i) Grain that is in transit following shipment by a licensee.

(ii) Grain that has not been paid for.

(iii) Grain that is stored in unlicensed facilities that are leased, owned, or occupied by the licensee.

(B) All proceeds, due or to become due, from the sale of a licensee's grain.

(C) Equity, less any secured financing directly associated with the equity, in hedging or speculative margin accounts of a licensee held by a commodity or security exchange, or a dealer representing a commodity or security exchange, and any money due the licensee from transactions on the exchange, less any secured financing directly associated with the money due the licensee from the transactions on the exchange.

(D) Any other unencumbered funds, property, or equity in funds or property, wherever located, that can be directly traced to the sale of grain by a licensee. However, funds, property, or equity in funds or property may not be considered encumbered unless:

(i) the encumbrance results from valuable consideration paid to the licensee in good faith by a secured party; and

(ii) the encumbrance did not result from the licensee posting the funds, property, or equity in funds or property as additional collateral for an antecedent debt.

(E) Any other unencumbered funds, property, or equity in assets of the licensee.

(20) "Grain bank grain" means grain owned by a depositor for use in the formulation of feed and stored by the warehouse to be returned to the depositor on demand.

(21) "Grain buyer" means a person who is engaged in the business of buying grain from producers.

(22) "Grain coproducts" means any milled or processed grain, including the grain byproduct of ethanol production.

(23) "Grain standards act" means the United States Grain Standards Act, approved August 11, 1916 (39 Stat. 482; 7 U.S.C. 71-87 as amended).

(24) "License" means a license issued under this chapter.

(25) "Licensee" means a person who operates a facility that is licensed under this chapter.

(26) "Official grain standards of the United States" means the standards of quality or condition for grain, fixed and established by the secretary of agriculture under the grain standards act.

(27) "Parent entity" means an entity that owns at least twenty percent (20%) or the equivalent of another entity, including through shares, membership interests, or other securities, or as a partner in a general partnership or joint venture.

(28) "Person" means an individual, partnership, corporation, association, or other form of business enterprise.

(29) "Receipt" means a warehouse receipt issued by a warehouse licensed under this chapter.

(30) "Revocation of a license" means any of the following:

(A) The inability of a licensee to financially satisfy fully all obligations due to claimants.

(B) Public declaration of a licensee's insolvency.

(C) Revocation of a licensee's license, if the licensee has outstanding indebtedness owed to claimants.

(D) Nonpayment of a licensee's debts in the ordinary course of business, if there is not a good faith dispute.

(E) Involuntary or voluntary bankruptcy of a licensee.

(31) "Seed", notwithstanding IC 15-15-1, means grain set apart to be used primarily for the purpose of producing new plants.

(32) "Seed inventory" means seed for commercial sale.

(33) "Storage" means a facility or system that is designed, structured, and equipped to receive, clean, dry, store, and dispense grains or seeds. The term includes a facility where the producer has maintained:

(A) title to the grain until selling or moving the grain to a facility other than the facility where the grain was delivered; and

(B) a record or proof of storage at the facility where the grain was delivered.

(34) "Storage loss" means a loss to a storage depositor resulting from a warehouse operator:

(A) whose license has been revoked; and

(B) who has not fully satisfied the warehouse operator's storage obligation to the depositor, after any outstanding charges against the grain.

(35) "Subsidiary" means an entity, including a general partnership or joint venture, that is owned in whole or part by one (1) or more other entities, including at least one (1) entity that constitutes a parent entity.

(36) "Ticket" means a scale weight ticket, a load slip, or other evidence, other than a receipt, given to a depositor upon initial delivery of grain to a facility.

(37) "Warehouse act" means the United States Warehouse Act, approved August 11, 1916 (39 Stat. 486; 7 U.S.C. 241-273 as amended).

(38) "Warehouse" means any building or other protected enclosure in one (1) general location licensed or required to be licensed under this chapter, which building or other protected enclosure is operated under one (1) ownership and run from a single office, and in which grain is or may be:

(A) stored for hire;

(B) used for grain bank storage; or

(C) used to store company owned grain.

(39) "Warehouse operator" means a person that operates a facility or group of facilities in which grain is or may be stored for hire or which is used for grain bank storage and which is operated under one (1) ownership and run from a single office.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120, SEC.1; Acts 1975, P.L.277, SEC.2. As amended by Acts 1982, P.L.155, SEC.3; P.L.191-1991, SEC.1; P.L.1-1992, SEC.142; P.L.139-1996, SEC.6; P.L.125-1997, SEC.19; P.L.173-1999, SEC.1; P.L.1-2006, SEC.483; P.L.2-2008, SEC.66; P.L.64-2009, SEC.1; P.L.75-2010, SEC.10; P.L.60-2015, SEC.4; P.L.145-2017, SEC.1; P.L.208-2021, SEC.1; P.L.114-2025, SEC.2; P.L.23-2026, SEC.255.
Ind. Code § 26-1-1-206 — Indiana Code / Title 26 / Article 1 / Chapter 1 / Section 26-1-1-206
Statute of frauds for kinds of personal property not otherwise covered
Status: in_force

Sec. 206. (1) Except in the cases described in subsection (2), a contract for the sale of personal property is not enforceable by way of action or defense beyond five thousand dollars ($5,000) in amount or value of remedy unless there is some writing which indicates that a contract for sale has been made between the parties at a defined or stated price, reasonably identifies the subject matter, and is signed by the party against whom enforcement is sought or by his authorized agent.

(2) Subsection (1) does not apply to contracts for the sale of goods (IC 26-1-2-201) nor to security agreements (IC 26-1-9.1-201).

Formerly: Acts 1963, c.317, s.1-206. As amended by P.L.152-1986, SEC.118; P.L.247-1995, SEC.2; P.L.57-2000, SEC.13.
Ind. Code § 26-1-8.1-404 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-404
Issuer liability for wrongful registration of transfer
Status: in_force

Sec. 404. (a) Except as otherwise provided in IC 26-1-8.1-406, an issuer is liable for wrongful registration of transfer if the issuer has registered a transfer of a security to a person not entitled to it, and the transfer was registered:

(1) under an ineffective endorsement or instruction;

(2) after a demand that the issuer not register transfer became effective under IC 26-1-8.1-403(a) and the issuer did not comply with IC 26-1-8.1-403(b);

(3) after the issuer had been served with an injunction, restraining order, or other legal process enjoining it from registering the transfer, issued by a court of competent jurisdiction, and the issuer had a reasonable opportunity to act on the injunction, restraining order, or other legal process; or

(4) by an issuer acting in collusion with the wrongdoer.

(b) An issuer that is liable for wrongful registration of transfer under subsection (a) on demand shall provide the person entitled to the security with a like certificated or uncertificated security, and any payments or distributions that the person did not receive as a result of the wrongful registration. If an overissue would result, the issuer's liability to provide the person with a like security is governed by IC 26-1-8.1-210.

(c) Except as otherwise provided in subsection (a) or in a law relating to the collection of taxes, an issuer is not liable to an owner or other person suffering loss as a result of the registration of a transfer of a security if registration was made under an effective endorsement or instruction.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-9.1-318 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-318
No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers
Status: in_force

Sec. 318. (a) A debtor that has sold an account, chattel paper, payment intangible, or promissory note does not retain a legal or equitable interest in the collateral sold.

(b) For purposes of determining the rights of creditors of, and purchasers for value of an account or chattel paper from, a debtor that has sold an account or chattel paper, while the buyer's security interest is unperfected, the debtor is deemed to have rights and title to the account or chattel paper identical to those the debtor sold.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-2-10-1 — Indiana Code / Title 26 / Article 2 / Chapter 10 / Section 26-2-10-1
"Motor vehicle"
Status: in_force

Sec. 1. As used in this chapter, "motor vehicle" means a vehicle that is self-propelled.

As added by P.L.38-2009, SEC.1.
Ind. Code § 26-1-8.1-511 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-511
Priority of claims in financial asset
Status: in_force

Sec. 511. (a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor.

(b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset.

(c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-7-506 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-506
Delivery without endorsement; right to compel endorsement
Status: in_force

Sec. 506. The transferee of a negotiable tangible document of title has a specifically enforceable right to have the transferor supply any necessary endorsement but the transfer becomes a negotiation only as of the time the endorsement is supplied.

Formerly: Acts 1963, c.317, s.7-506. As amended by P.L.143-2007, SEC.57.
Ind. Code § 26-1-9.1-106 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-106
Control of investment property
Status: in_force

Sec. 106. (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in IC 26-1-8.1-106.

(b) A secured party has control of a commodity contract if:

(1) the secured party is the commodity intermediary with which the commodity contract is carried; or

(2) the commodity customer, secured party, and commodity intermediary have agreed that the commodity intermediary will apply any value distributed on account of the commodity contract as directed by the secured party without further consent by the commodity customer.

(c) A secured party having control of all security entitlements or commodity contracts carried in a securities account or commodity account has control over the securities account or commodity account.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-2-704 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-704
Seller's right to identify goods to the contract notwithstanding breach or to salvage unfinished goods
Status: in_force

Sec. 704. (1) An aggrieved seller under IC 26-1-2-703 may:

(a) identify to the contract conforming goods not already identified if at the time he learned of the breach they are in his possession or control;

(b) treat as the subject of resale goods which have demonstrably been intended for the particular contract even though those goods are unfinished.

(2) Where the goods are unfinished, an aggrieved seller may in the exercise of reasonable commercial judgment for the purposes of avoiding loss and of effective realization either complete the manufacture and wholly identify the goods to the contract or cease manufacture and resell for scrap or salvage value or proceed in any other reasonable manner.

Formerly: Acts 1963, c.317, s.2-704. As amended by P.L.152-1986, SEC.163.
Ind. Code § 26-1-2.1-509 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-509
Lessee's rights on improper delivery; rightful rejection
Status: in_force

Sec. 509. (1) Subject to the provisions of IC 26-1-2.1-510 on default in installment lease contracts, if the goods or the tender or delivery fail in any respect to conform to the lease contract, the lessee may reject or accept the goods or accept any commercial unit or units and reject the rest of the goods.

(2) Rejection of goods is ineffective unless it is within a reasonable time after tender or delivery of the goods and the lessee seasonably notifies the lessor.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-3-7-23 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-23
Return of grain to depositor
Status: in_force

Sec. 23. Upon demand, after payment of all applicable charges, grain shall be returned to the depositor at the licensed facility where the grain was received unless agreed otherwise in writing.

Formerly: Acts 1973, P.L.268, SEC.1; Acts 1974, P.L.120, SEC.12. As amended by P.L.125-1997, SEC.45.
Ind. Code § 26-1-12.5-304 — Indiana Code / Title 26 / Article 1 / Chapter 12.5 / Section 26-1-12.5-304
Action other than filing taken before July 1, 2023, to perfect security interest; perfection effective until adjustment date; conditions for effectiveness of financing statement filed before July 1, 2023, to perfect security interest; sufficiency of action taken before July 1, 2023, with respect to enforceability
Status: in_force

Sec. 304. (a) If action, other than the filing of a financing statement, is taken before July 1, 2023, and the action would have resulted in perfection of a security interest had the security interest become enforceable before July 1, 2023, the action is effective to perfect a security interest that attaches under the act before the adjustment date. An attached security interest becomes unperfected on the adjustment date unless the security interest becomes a perfected security interest under the act before the adjustment date.

(b) The filing of a financing statement before July 1, 2023, is effective to perfect a security interest on July 1, 2023, to the extent the filing would satisfy the requirements for perfection under the act.

(c) The taking of an action before July 1, 2023, is sufficient for the enforceability of a security interest on July 1, 2023, if the action would satisfy the requirements for enforceability under the act.

As added by P.L.199-2023, SEC.91.
Ind. Code § 26-1-9.1-514 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-514
Assignment of powers of secured party of record
Status: in_force

Sec. 514. (a) Except as otherwise provided in subsection (c), an initial financing statement may reflect an assignment of all of the secured party's power to authorize an amendment to the financing statement by providing the name and mailing address of the assignee as the name and address of the secured party.

(b) Except as otherwise provided in subsection (c), a secured party of record may assign of record all or part of its power to authorize an amendment to a financing statement by filing in the filing office an amendment of the financing statement which:

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

(2) provides the name of the assignor; and

(3) provides the name and mailing address of the assignee.

(c) An assignment of record of a security interest in a fixture covered by a record of a mortgage which is effective as a financing statement filed as a fixture filing under IC 26-1-9.1-502(c) may be made only by an assignment of record of the mortgage in the manner provided by law of this state other than IC 26-1.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-2-10-3 — Indiana Code / Title 26 / Article 2 / Chapter 10 / Section 26-2-10-3
"Repossess"
Status: in_force

Sec. 3. As used in this chapter, "repossess" or "repossesses" means to take possession of personal property used as collateral under IC 26-1-9.1-609.

As added by P.L.38-2009, SEC.1.
Ind. Code § 26-1-9.1-503 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-503
Name of debtor and secured party
Status: in_force

Sec. 503. (a) A financing statement sufficiently provides the name of the debtor:

(1) except as otherwise provided in subdivision (3), if the debtor is a registered organization or the collateral is held in a trust that is a registered organization, only if the financing statement provides the name that is stated to be the registered organization's name on the public organic record most recently filed with or issued or enacted by the registered organization's jurisdiction of organization which purports to state, amend, or restate the registered organization's name;

(2) subject to subsection (f), if the collateral is being administered by the personal representative of a decedent only if the financing statement provides as the name of the debtor the name of the decedent, and, in a separate part of the financing statement, indicates that the collateral is being administered by a personal representative;

(3) if the collateral is held in a trust that is not a registered organization, only if the financing statement:

(A) provides as the name of the debtor:

(i) if the organic record of the trust specifies a name for the trust, the name specified; or

(ii) if the organic record of the trust does not specify a name for the trust, the name of the settlor or testator; and

(B) in a separate part of the financing statement:

(i) if the name is provided in accordance with clause (A)(i), indicates that the collateral is held in a trust; or

(ii) if the name is provided in accordance with clause (A)(ii), provides additional information sufficient to distinguish the trust from other trusts having one (1) or more of the same settlors of the same testator and indicates that the collateral is held in a trust, unless the additional information so indicates;

(4) subject to subsection (g), if the debtor is an individual to whom this state has issued a driver's license, an identification card for nondrivers under IC 9-24-16, or a photo exempt identification card for nondrivers under IC 9-24-16.5 that has not expired, only if the financing statement provides the name of the individual which is indicated on the driver's license, identification card, or photo exempt identification card;

(5) if the debtor is an individual to whom subdivision (4) does not apply, only if the financing statement provides the individual name of the debtor or the surname and first personal name of the debtor; and

(6) in other cases:

(A) if the debtor has a name, only if it provides the individual or organizational name of the debtor; and

(B) if the debtor does not have a name, only if it provides the names of the partners, members, associates, or other persons comprising the debtor in a manner that each name provided would be sufficient if the person named were the debtor.

(b) A financing statement that provides the name of the debtor in accordance with subsection (a) is not rendered ineffective by the absence of:

(1) a trade name or other name of the debtor; or

(2) unless required under subsection (a)(6)(B), names of partners, members, associates, or other persons comprising the debtor.

(c) A financing statement that provides only the debtor's trade name does not sufficiently provide the name of the debtor.

(d) Failure to indicate the representative capacity of a secured party or representative of a secured party does not affect the sufficiency of a financing statement.

(e) A financing statement may provide the name of more than one (1) debtor and the name of more than one (1) secured party.

(f) The name of the decedent indicated on the order appointing the personal representative of the decedent issued by the court having jurisdiction over the collateral is sufficient as the "name of the decedent" under subsection (a)(2).

(g) If this state has issued to an individual more than one (1) driver's license or identification card of a kind described in subsection (a)(4), the one (1) that was issued most recently is the one (1) to which subsection (a)(4) refers.

(h) In this section, "name of the settlor or testator" means:

(1) if the settlor is a registered organization, the name that is stated to be the settlor's name on the public organic record most recently filed with or issued or enacted by the settlor's jurisdiction of organization which purports to state, amend, or restate the settlor's name; or

(2) in other cases, the name of the settlor or testator indicated in the trust's organic record.

As added by P.L.57-2000, SEC.45. Amended by P.L.54-2011, SEC.13; P.L.197-2015, SEC.16.
Ind. Code § 26-1-9.1-607 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-607
Collection and enforcement by secured party
Status: in_force

Sec. 607. (a) If so agreed, and in any event after default, a secured party:

(1) may notify an account debtor or other person obligated on collateral to make payment or otherwise render performance to or for the benefit of the secured party;

(2) may take any proceeds to which the secured party is entitled under IC 26-1-9.1-315;

(3) may enforce the obligations of an account debtor or other person obligated on collateral and exercise the rights of the debtor with respect to the obligation of the account debtor or other person obligated on collateral to make payment or otherwise render performance to the debtor, and with respect to any property that secures the obligations of the account debtor or other person obligated on the collateral;

(4) if it holds a security interest in a deposit account perfected by control under IC 26-1-9.1-104(a)(1), may apply the balance of the deposit account to the obligation secured by the deposit account; and

(5) if it holds a security interest in a deposit account perfected by control under IC 26-1-9.1-104(a)(2) or IC 26-1-9.1-104(a)(3), may instruct the bank to pay the balance of the deposit account to or for the benefit of the secured party.

(b) If necessary to enable a secured party to exercise under subsection (a)(3) the right of a debtor to enforce a mortgage nonjudicially, the secured party may record in the office in which a record of the mortgage is recorded:

(1) a copy of the security agreement that creates or provides for a security interest in the obligation secured by the mortgage; and

(2) the secured party's sworn affidavit in recordable form stating that:

(A) a default has occurred with respect to the obligation secured by the mortgage; and

(B) the secured party is entitled to enforce the mortgage nonjudicially.

(c) A secured party shall proceed in a commercially reasonable manner if the secured party:

(1) undertakes to collect from or enforce an obligation of an account debtor or other person obligated on collateral; and

(2) is entitled to charge back uncollected collateral or otherwise to full or limited recourse against the debtor or a secondary obligor.

(d) A secured party may deduct from the collections made pursuant to subsection (c) reasonable expenses of collection and enforcement, including reasonable attorney's fees and legal expenses incurred by the secured party.

(e) This section does not determine whether an account debtor, bank, or other person obligated on collateral owes a duty to a secured party.

As added by P.L.57-2000, SEC.45. Amended by P.L.54-2011, SEC.19.
Ind. Code § 26-1-4.1-103 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-103
Payment order—definitions
Status: in_force

Sec. 103. (a) In IC 26-1-4.1:

(1) "Payment order" means an instruction of a sender to a receiving bank, transmitted orally or in a record, to pay, or to cause another bank to pay, a fixed or determinable amount of money to a beneficiary if:

(i) the instruction does not state a condition to payment to the beneficiary other than time of payment;

(ii) the receiving bank is to be reimbursed by debiting an account of, or otherwise receiving payment from, the sender; and

(iii) the instruction is transmitted by the sender directly to the receiving bank or to an agent, funds-transfer system, or communication system for transmittal to the receiving bank.

(2) "Beneficiary" means the person to be paid by the beneficiary's bank.

(3) "Beneficiary's bank" means the bank identified in a payment order in which an account of the beneficiary is to be credited pursuant to the order or which otherwise is to make payment to the beneficiary if the order does not provide for payment to an account.

(4) "Receiving bank" means the bank to which the sender's instruction is addressed.

(5) "Sender" means the person giving the instruction to the receiving bank.

(b) If an instruction complying with subsection (a)(1) is to make more than one (1) payment to a beneficiary, the instruction is a separate payment order with respect to each payment.

(c) A payment order is issued when it is sent to the receiving bank.

As added by P.L.189-1991, SEC.4. Amended by P.L.199-2023, SEC.22.
Ind. Code § 26-3-7.5-5 — Indiana Code / Title 26 / Article 3 / Chapter 7.5 / Section 26-3-7.5-5
Failed inspection
Status: in_force

Sec. 5. If an inspection facilitated by the agency results in a failure in a moisture meter, the inspected entity must take the following actions:

(1) Have the failed meter calibrated by an entity accepted by the agency.

(2) File a receipt with the agency showing the inspected entity has corrected the failed moisture meter.

(3) Receive approval from agency.

As added by P.L.114-2025, SEC.43.
Ind. Code § 26-2-5-2 — Indiana Code / Title 26 / Article 2 / Chapter 5 / Section 26-2-5-2
Uninsurable facility excepted
Status: in_force

Sec. 2. This chapter does not apply to a construction or design contract if liability insurance normally available within the United States at standard rates cannot be obtained for the facility being constructed or designed because it constitutes a dangerous instrumentality.

Formerly: Acts 1975, P.L.276, SEC.1.
Ind. Code § 26-3-2-4 — Indiana Code / Title 26 / Article 3 / Chapter 2 / Section 26-3-2-4
Issuance of receipt failing to show warehouseman's ownership interest
Status: in_force

Sec. 4. If there are deposited with or held by a warehouseman goods of which he is owner, either solely or jointly, or in common with others, and if the warehouseman, or his officer, agent, or servant, knowing the ownership, issues a negotiable receipt for the goods which does not state the ownership, he commits a Class A misdemeanor.

Formerly: Acts 1921, c.100, s.53. As amended by Acts 1978, P.L.2, SEC.2604.
Ind. Code § 26-1-7-307 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-307
Lien of carrier
Status: in_force

Sec. 307. (a) A carrier has a lien on the goods covered by a bill of lading or on the proceeds from the goods for charges after the date of the carrier's receipt of the goods for storage or transportation, including demurrage and terminal charges, and for expenses necessary for preservation of the goods incident to their transportation or reasonably incurred in their sale pursuant to law. However, against a purchaser for value of a negotiable bill of lading, a carrier's lien is limited to charges stated in the bill or the applicable tariffs or, if no charges are stated, a reasonable charge.

(b) A lien for charges and expenses under subsection (a) on goods that the carrier was required by law to receive for transportation is effective against the consignor or any person entitled to the goods unless the carrier had notice that the consignor lacked authority to subject the goods to those charges and expenses. Any other lien under subsection (a) is effective against the consignor and any person that permitted the bailor to have control or possession of the goods unless the carrier had notice that the bailor lacked authority.

(c) A carrier loses its lien on any goods that it voluntarily delivers or unjustifiably refuses to deliver.

Formerly: Acts 1963, c.317, s.7-307. As amended by P.L.143-2007, SEC.45.
Ind. Code § 26-1-2.1-525 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-525
Lessor's right to possession of goods
Status: in_force

Sec. 525. (1) If a lessor discovers the lessee to be insolvent, the lessor may refuse to deliver the goods.

(2) After a default by the lessee under the lease contract of the type described in IC 26-1-2.1-523(1) or IC 26-1-2.1-523(3)(a) or, if agreed, after other default by the lessee, the lessor has the right to take possession of the goods. If the lease contract so provides, the lessor may require the lessee to assemble the goods and make them available to the lessor at a place to be designated by the lessor which is reasonably convenient to both parties. Without removal, the lessor may render unusable any goods employed in trade or business, and may dispose of goods on the lessee's premises (IC 26-1-2.1-527).

(3) The lessor may proceed under subsection (2) without judicial process if that can be done without breach of the peace or the lessor may proceed by action.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-1-7-202 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-202
Form of warehouse receipt; essential terms; optional terms
Status: in_force

Sec. 202. (a) A warehouse receipt need not be in any particular form.

(b) Unless a warehouse receipt provides for each of the following, the warehouse is liable for damages caused to a person injured by its omission:

(1) a statement of the location of the warehouse facility where the goods are stored;

(2) the date of issue of the receipt;

(3) the unique identification code of the receipt;

(4) a statement whether the goods received will be delivered to the bearer, to a named person, or to a named person or the person's order;

(5) the rate of storage and handling charges, unless goods are stored under a field warehousing arrangement, in which case a statement of that fact is sufficient on a nonnegotiable receipt;

(6) a description of the goods or the packages containing them;

(7) the signature of the warehouse or its agent;

(8) if the receipt is issued for goods that the warehouse owns, either solely, jointly, or in common with others, the fact of that ownership; and

(9) a statement of the amount of advances made and of liabilities incurred for which the warehouse claims a lien or security interest unless the precise amount of advances made or liabilities incurred at the time of the issue of the receipt is unknown to the warehouse or to its agent that issued the receipt, in which case a statement of the fact that advances have been made or liabilities incurred and the purpose of the advances or liabilities is sufficient.

(c) A warehouse may insert in its receipt any terms that are not contrary to the provisions of IC 26-1 and do not impair its obligation of delivery under section 403 of this chapter or its duty of care under section 204 of this chapter. Any contrary provisions are ineffective.

Formerly: Acts 1963, c.317, s.7-202. As amended by P.L.152-1986, SEC.248; P.L.143-2007, SEC.31.
Ind. Code § 26-1-3.1-304 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-304
Overdue instrument
Status: in_force

Sec. 304. (a) An instrument payable on demand becomes overdue at the earliest of the following times:

(1) on the day after the day demand for payment is duly made;

(2) if the instrument is a check, ninety (90) days after its date; or

(3) if the instrument is not a check, when the instrument has been outstanding for a period of time after its date which is unreasonably long under the circumstances of the particular case in light of the nature of the instrument and usage of the trade.

(b) With respect to an instrument payable at a definite time the following rules apply:

(1) If the principal is payable in installments and a due date has not been accelerated, the instrument becomes overdue upon default under the instrument for nonpayment of an installment, and the instrument remains overdue until the default is cured.

(2) If the principal is not payable in installments and the due date has not been accelerated, the instrument becomes overdue on the day after the due date.

(3) If a due date with respect to principal has been accelerated, the instrument becomes overdue on the day after the accelerated due date.

(c) Unless the due date of principal has been accelerated, an instrument does not become overdue if there is default in payment of interest but no default in payment of principal.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-4-302 — Indiana Code / Title 26 / Article 1 / Chapter 4 / Section 26-1-4-302
Payor bank's responsibility for late return of item
Status: in_force

Sec. 302. (a) If an item is presented to and received by a payor bank, the bank is accountable for the amount of:

(1) a demand item, other than a documentary draft, whether properly payable or not, if the bank, in any case in which it is not also the depositary bank, retains the item beyond midnight of the banking day of receipt without settling for it or, whether or not it is also the depositary bank, does not pay or return the item or send notice of dishonor until after its midnight deadline; or

(2) any other properly payable item unless, within the time allowed for acceptance or payment of that item, the bank either accepts or pays the item or returns it and accompanying documents.

(b) The liability of a payor bank to pay an item under subsection (a) is subject to defenses based on breach of a presentment warranty (IC 26-1-4-208) or proof that the person seeking enforcement of the liability presented or transferred the item for the purpose of defrauding the payor bank.

Formerly: Acts 1963, c.317, s.4-302. As amended by P.L.152-1986, SEC.223; P.L.222-1993, SEC.34.
Ind. Code § 26-1-5.1-103 — Indiana Code / Title 26 / Article 1 / Chapter 5.1 / Section 26-1-5.1-103
Applicability to IC 26-1-8.1; ability to vary by agreement; independence of rights and obligations under letter of credit
Status: in_force

Sec. 103. (a) IC 26-1-8.1 applies to letters of credit and to certain rights and obligations arising out of transactions involving letters of credit.

(b) The statement of a rule in IC 26-1-5.1 does not by itself require, imply, or negate application of the same or a different rule to a situation not provided for, or to a person not specified, in IC 26-1-5.1.

(c) With the exception of this subsection, subsections (a) and (d), IC 26-1-5.1-102(a)(9) and IC 26-1-5.1-102(a)(10), IC 26-1-5.1-106(d), and IC 26-1-5.1-114(d), and except to the extent prohibited in IC 26-1-1-102(3) and IC 26-1-5.1-117(d), the effect of IC 26-1-5.1 may be varied by agreement or by a provision stated or incorporated by reference in an undertaking. A term in an agreement or undertaking generally excusing liability or generally limiting remedies for failure to perform obligations is not sufficient to vary obligations prescribed by IC 26-1-5.1.

(d) Rights and obligations of an issuer to a beneficiary or a nominated person under a letter of credit are independent of the existence, performance, or nonperformance of a contract or arrangement out of which the letter of credit arises or which underlies it, including contracts or arrangements between the issuer and the applicant and between the applicant and the beneficiary.

As added by P.L.183-1996, SEC.4.
Ind. Code § 26-1-2-317 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-317
Cumulation and conflict of warranties express or implied
Status: in_force

Sec. 317. Warranties whether express or implied shall be construed as consistent with each other and as cumulative, but if such construction is unreasonable the intention of the parties shall determine 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.

Formerly: Acts 1963, c.317, s.2-317.
Ind. Code § 26-1-9.1-515 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-515
Duration and effectiveness of financing statement; effect of lapsed financing statement
Status: in_force

Sec. 515. (a) Except as otherwise provided in subsections (b), (e), (f), and (g), a filed financing statement is effective for a period of five (5) years after the date of filing.

(b) Except as otherwise provided in subsections (e), (f), and (g), an initial financing statement filed in connection with a public-finance transaction or manufactured-home transaction is effective for a period of thirty (30) years after the date of filing if it indicates that it is filed in connection with a public-finance transaction or manufactured-home transaction.

(c) The effectiveness of a filed financing statement lapses on the expiration of the period of its effectiveness unless, before the lapse, a continuation statement is filed pursuant to subsection (d). Upon lapse, a financing statement ceases to be effective and any security interest or agricultural lien that was perfected by the financing statement becomes unperfected, unless the security interest is perfected otherwise. If the security interest or agricultural lien becomes unperfected upon lapse, it is considered never to have been perfected as against a purchaser of the collateral for value.

(d) A continuation statement may be filed only within six (6) months before the expiration of the five (5) year period specified in subsection (a) or the thirty (30) year period specified in subsection (b), whichever is applicable.

(e) Except as otherwise provided in IC 26-1-9.1-510, upon timely filing of a continuation statement, the effectiveness of the initial financing statement continues for a period of five (5) years commencing on the day on which the financing statement would have become ineffective in the absence of the filing. Upon the expiration of the five (5) year period, the financing statement lapses in the same manner as provided in subsection (c), unless, before the lapse, another continuation statement is filed pursuant to subsection (d). Succeeding continuation statements may be filed in the same manner to continue the effectiveness of the initial financing statement.

(f) If a debtor is a transmitting utility and a filed initial financing statement so indicates, the financing statement is effective until a termination statement is filed.

(g) A record of a mortgage that is effective as a financing statement filed as a fixture filing under IC 26-1-9.1-502(c) remains effective as a financing statement filed as a fixture filing until the mortgage is released or satisfied of record or its effectiveness otherwise terminates as to the real property.

As added by P.L.57-2000, SEC.45. Amended by P.L.54-2011, SEC.15.
Ind. Code § 26-2-9-4 — Indiana Code / Title 26 / Article 2 / Chapter 9 / Section 26-2-9-4
Claims and defenses arising from credit agreements; writing required
Status: in_force

Sec. 4. (a) A debtor may assert:

(1) a claim for legal or equitable relief; or

(2) a defense to a claim;

arising from a credit agreement only if the credit agreement at issue satisfies the requirements set forth in subsection (b).

(b) A debtor may assert a claim or defense under subsection (a) only if the credit agreement at issue:

(1) is in writing;

(2) sets forth all material terms and conditions of the credit agreement, including the loan amount, rate of interest, duration, and security; and

(3) is signed by the creditor and the debtor.

[Pre-2002 Title 32 Recodification Citation: 32-2-1.5-4.]

As added by P.L.2-2002, SEC.79. Amended by P.L.10-2006, SEC.26 and P.L.57-2006, SEC.26; P.L.76-2011, SEC.2.
Ind. Code § 26-1-2-514 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-514
When documents deliverable on acceptance; when on payment
Status: in_force

Sec. 514. Unless otherwise agreed documents against which a draft is drawn are to be delivered to the drawee on acceptance of the draft if it is payable more than three (3) days after presentment; otherwise, only on payment.

Formerly: Acts 1963, c.317, s.2-514.
Ind. Code § 26-1-9.1-320 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-320
Buyer of goods
Status: in_force

Sec. 320. (a) Except as otherwise provided in this subsection and subsection (e), a buyer in ordinary course of business takes free of a security interest created by the buyer's seller, even if the security interest is perfected and the buyer knows of its existence. The following apply whenever a person is buying farm products from a person engaged in farming operations who has created a security interest on the farm products:

(1) A person buying farm products from a person engaged in farming operations is not protected by this subsection if, within one (1) year before the sale of the farm products, the buyer has received prior written notice of the security interest. "Written notice" means any writing that contains the following:

(A) The full name and address of the debtor.

(B) The full name and address of the secured party.

(C) In the case of a debtor doing business other than as an individual, the United States Internal Revenue Service taxpayer identification number of the debtor.

(D) A description of the collateral, including the type and amount of farm products, the crop year, the county of location, and a description of the real property on which the farm products were grown or produced.

(E) Any payment obligations imposed on the buyer by the secured party as conditions for waiver or release of the security interest.

Notice must be received before a buyer of farm products has made full payment to the person engaged in farming operations for the farm products if the notice is to be considered "prior written notice". The written notice lapses on either the expiration period of the statement or the transmission of a notice signed by the secured party that the statement has lapsed, whichever occurs first.

(2) A secured party must, within fifteen (15) days of the satisfaction of the debt, inform in writing each potential buyer listed by the debtor whenever a debt has been satisfied and written notice, as required by subdivision (1), had been previously sent to that buyer.

(3) A debtor engaged in farming operations who has created a security interest in farm products must provide the secured party with a written list of potential buyers of the farm products at the time the debt is incurred if such a list is requested by the secured party. The debtor may not sell farm products to a buyer who does not appear on the list (if the list is requested by the secured party) unless the secured party has given prior written permission to the debtor to sell to someone who does not appear on the list, or the debtor satisfies the debt for that secured party on the farm products he sells within fifteen (15) days of the date of sale. A debtor who knowingly or intentionally sells to a buyer who does not appear on the list (if the list is requested by the secured party) and who does not meet one (1) of the above exceptions, commits a Class C misdemeanor. A secured party commits a Class C infraction if the secured party knowingly or intentionally gives false or misleading information on the notice required by subdivision (1) or the secured party fails within fifteen (15) days of satisfaction of the debt to notify purchasers to whom a written notice had been previously sent under subdivision (1) of the satisfaction of the debt.

(4) A purchaser of farm products buying from a person engaged in farming operations must issue a check for payment jointly to the debtor and those secured parties from whom he has received prior written notice of a security interest as provided for in subdivision (1). A purchaser who fails to issue a jointly payable check as required by this subsection is not protected by this subdivision. A purchaser of farm products (on which there is a perfected security interest) buying from a person engaged in farming operations who withholds all or part of the proceeds of the sale from the seller, in order to satisfy a prior debt ("prior debt" does not include the costs of marketing the farm product or the cost of transporting the farm product to the market) owed by the seller to the buyer, commits a Class C infraction.

(b) Except as otherwise provided in subsection (e), a buyer of goods from a person who used or bought the goods for use primarily for personal, family, or household purposes takes free of a security interest, even if perfected, if the buyer buys:

(1) without knowledge of the security interest;

(2) for value;

(3) primarily for the buyer's personal, family, or household purposes; and

(4) before the filing of a financing statement covering the goods.

(c) To the extent that it affects the priority of a security interest over a buyer of goods under subsection (b), the period of effectiveness of a filing made in the jurisdiction in which the seller is located is governed by IC 26-1-9.1-316(a) and IC 26-1-9.1-316(b).

(d) A buyer in ordinary course of business buying oil, gas, or other minerals at the wellhead or minehead or after extraction takes free of an interest arising out of an encumbrance.

(e) Subsections (a) and (b) do not affect a security interest in goods in the possession of the secured party under IC 26-1-9.1-313.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-2-11-6 — Indiana Code / Title 26 / Article 2 / Chapter 11 / Section 26-2-11-6
Storage of collateral after repossession
Status: in_force

Sec. 6. A collateral recovery agency must store collateral at a location within Indiana after repossession until the collateral is:

(1) redeemed; or

(2) transferred to auction.

As added by P.L.81-2026, SEC.7.
Ind. Code § 26-1-3.1-418 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-418
Payment or acceptance by mistake
Status: in_force

Sec. 418. (a) Except as provided in subsection (c), if the drawee of a draft pays or accepts the draft and the drawee acted on the mistaken belief that:

(1) payment of the draft had not been stopped under IC 26-1-4-403; or

(2) the signature of the drawer of the draft was authorized;

the drawee may recover the amount of the draft from the person to whom or for whose benefit payment was made or, in the case of acceptance, may revoke the acceptance. Rights of the drawee under this subsection are not affected by failure of the drawee to exercise ordinary care in paying or accepting the draft.

(b) Except as provided in subsection (c), if an instrument has been paid or accepted by mistake and the case is not covered by subsection (a), the person paying or accepting may, to the extent permitted by the law governing mistake and restitution:

(1) recover the payment from the person to whom or for whose benefit payment was made; or

(2) in the case of acceptance, may revoke the acceptance.

(c) The remedies provided by subsection (a) or (b) may not be asserted against a person who took the instrument in good faith and for value or who in good faith changed position in reliance on the payment or acceptance. This subsection does not limit remedies provided by IC 26-1-3.1-417 or IC 26-1-4-407.

(d) Notwithstanding IC 26-1-4-215, if an instrument is paid or accepted by mistake and the payor or acceptor recovers payment or revokes acceptance under subsection (a) or (b), the instrument is deemed not to have been paid or accepted and is treated as dishonored, and the person from whom payment is recovered has rights as a person entitled to enforce the dishonored instrument.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-4-1-3 — Indiana Code / Title 26 / Article 4 / Chapter 1 / Section 26-4-1-3
"Agency"
Status: in_force

Sec. 3. "Agency" refers to the Indiana grain buyers and warehouse licensing agency established under IC 26-3-7.

As added by P.L.250-1995, SEC.1. Amended by P.L.125-1997, SEC.56.
Ind. Code § 26-1-4.1-208 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-208
Misdescription of intermediary bank or beneficiary's bank
Status: in_force

Sec. 208. (a) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank only by an identifying number.

(1) The receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank and need not determine whether the number identifies a bank.

(2) The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.

(b) This subsection applies to a payment order identifying an intermediary bank or the beneficiary's bank both by name and an identifying number if the name and number identify different persons.

(1) If the sender is a bank, the receiving bank may rely on the number as the proper identification of the intermediary or beneficiary's bank if the receiving bank, when it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person or whether the number refers to a bank. The sender is obliged to compensate the receiving bank for any loss and expenses incurred by the receiving bank as a result of its reliance on the number in executing or attempting to execute the order.

(2) If the sender is not a bank and the receiving bank proves that the sender, before the payment order was accepted, had notice that the receiving bank might rely on the number as the proper identification of the intermediary or beneficiary's bank even if it identifies a person different from the bank identified by name, the rights and obligations of the sender and the receiving bank are governed by subdivision (1), as though the sender were a bank. Proof of notice may be made by any admissible evidence. The receiving bank satisfies the burden of proof if it proves that the sender, before the payment order was accepted, signed a record stating the information to which the notice relates.

(3) Regardless of whether the sender is a bank, the receiving bank may rely on the name as the proper identification of the intermediary or beneficiary's bank if the receiving bank, at the time it executes the sender's order, does not know that the name and number identify different persons. The receiving bank need not determine whether the name and number refer to the same person.

(4) If the receiving bank knows that the name and number identify different persons, reliance on either the name or the number in executing the sender's payment order is a breach of the obligation stated in IC 26-1-4.1-302(a)(1).

As added by P.L.189-1991, SEC.4. Amended by P.L.199-2023, SEC.27.
Ind. Code § 26-1-3.1-419 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-419
Instruments signed for accommodation
Status: in_force

Sec. 419. (a) If an instrument is issued for value given for the benefit of a party to the instrument ("accommodated party") and another party to the instrument ("accommodation party") signs the instrument for the purpose of incurring liability on the instrument without being a direct beneficiary of the value given for the instrument, the instrument is signed by the accommodation party "for accommodation".

(b) An accommodation party may sign the instrument as maker, drawer, acceptor, or endorser and, subject to subsection (d), is obliged to pay the instrument in the capacity in which the accommodation party signs. The obligation of an accommodation party may be enforced notwithstanding any statute of frauds and whether or not the accommodation party receives consideration for the accommodation.

(c) A person signing an instrument is presumed to be an accommodation party and there is notice that the instrument is signed for accommodation if the signature is an anomalous endorsement or is accompanied by words indicating that the signer is acting as surety or guarantor with respect to the obligation of another party to the instrument. Except as provided in IC 26-1-3.1-605, the obligation of an accommodation party to pay the instrument is not affected by the fact that the person enforcing the obligation had notice when the instrument was taken by that person that the accommodation party signed the instrument for accommodation.

(d) If the signature of a party to an instrument is accompanied by words indicating unambiguously that the party is guaranteeing collection rather than payment of the obligation of another party to the instrument, the signer is obliged to pay the amount due on the instrument to a person entitled to enforce the instrument only if:

(1) execution of judgment against the other party has been returned unsatisfied;

(2) the other party is insolvent or in an insolvency proceeding;

(3) the other party cannot be served with process; or

(4) it is otherwise apparent that payment cannot be obtained from the other party.

(e) If the signature of a party to an instrument is accompanied by words indicating that the party guarantees payment or the signer signs the instrument as an accommodation party in some other manner that does not unambiguously indicate an intention to guarantee collection rather than payment, the signer is obliged to pay the amount due on the instrument to a person entitled to enforce the instrument in the same circumstances as the accommodated party would be obliged, without prior resort to the accommodated party by the person entitled to enforce the instrument.

(f) An accommodation party who pays the instrument is entitled to reimbursement from the accommodated party and is entitled to enforce the instrument against the accommodated party. In proper circumstances, an accommodation party may obtain relief that requires the accommodated party to perform its obligations on the instrument. An accommodated party that pays the instrument has no right of recourse against, and is not entitled to contribution from, an accommodation party.

As added by P.L.222-1993, SEC.5. Amended by P.L.135-2009, SEC.11.
Ind. Code § 26-2-11-4 — Indiana Code / Title 26 / Article 2 / Chapter 11 / Section 26-2-11-4
"Hazardous material"
Status: in_force

Sec. 4. As used in this chapter, "hazardous material" means a material or waste that has been determined to be hazardous or potentially hazardous to human health, to property, or to the environment by:

(1) the United States:

(A) Environmental Protection Agency;

(B) Nuclear Regulatory Commission;

(C) Department of Transportation; or

(D) Occupational Safety and Health Administration; or

(2) the environmental rules board established by IC 13-13-8-3.

The term includes all of the hazardous materials identified in 49 CFR 172.101.

As added by P.L.81-2026, SEC.7.
Ind. Code § 26-1-8.1-403 — Indiana Code / Title 26 / Article 1 / Chapter 8.1 / Section 26-1-8.1-403
Demand that transfer not be registered; notice; contents; liability
Status: in_force

Sec. 403. (a) A person who is an appropriate person to make an endorsement or originate an instruction may demand that the issuer not register transfer of a security by communicating to the issuer a notification that identifies the registered owner and the issue of which the security is a part and provides an address for communications directed to the person making the demand. The demand is effective only if it is received by the issuer at a time and in a manner affording the issuer reasonable opportunity to act on it.

(b) 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 after a demand that the issuer not register transfer has become effective, the issuer shall promptly communicate to (i) the person who initiated the demand at the address provided in the demand and (ii) the person who presented the security for registration of transfer or initiated the instruction requesting registration of transfer a notification stating that:

(1) the certificated security has been presented for registration of transfer or the instruction for registration of transfer of the uncertificated security has been received;

(2) a demand that the issuer not register transfer had previously been received; and

(3) the issuer will withhold registration of transfer for a period of time stated in the notification in order to provide the person who initiated the demand an opportunity to obtain legal process or an indemnity bond.

(c) The period described in subsection (b)(3) may not exceed thirty (30) days after the date of communication of the notification. A shorter period may be specified by the issuer if it is not manifestly unreasonable.

(d) An issuer is not liable to a person who initiated a demand that the issuer not register transfer for any loss the person suffers as a result of registration of a transfer under an effective endorsement or instruction if the person who initiated the demand does not, within the time stated in the issuer's communication, either:

(1) obtain an appropriate restraining order, injunction, or other process from a court of competent jurisdiction enjoining the issuer from registering the transfer; or

(2) file with the issuer an indemnity bond, sufficient in the issuer's judgment to protect the issuer and any transfer agent, registrar, or other agent of the issuer involved from any loss it or they may suffer by refusing to register the transfer.

(e) This section does not relieve an issuer from liability for registering transfer under an endorsement or instruction that was not effective.

As added by P.L.247-1995, SEC.10.
Ind. Code § 26-1-2-705 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-705
Seller's stoppage of delivery in transit or otherwise
Status: in_force

Sec. 705. (1) The seller may stop delivery of goods in the possession of a carrier or other bailee when he discovers the buyer to be insolvent (IC 26-1-2-702) and may stop delivery of carload, truckload, planeload, or larger shipments of express or freight when the buyer repudiates or fails to make a payment due before delivery or if for any other reason the seller has a right to withhold or reclaim the goods.

(2) As against such buyer the seller may stop delivery until:

(a) receipt of the goods by the buyer; or

(b) acknowledgment to the buyer by any bailee of the goods except a carrier that the bailee holds the goods for the buyer; or

(c) such acknowledgment to the buyer by a carrier by reshipment or as a warehouse; or

(d) negotiation to the buyer of any negotiable document of title covering the goods.

(3) (a) To stop delivery, the seller must so notify as to enable the bailee by reasonable diligence to prevent delivery of the goods.

(b) After such notification, the bailee must hold and deliver the goods according to the directions of the seller, but the seller is liable to the bailee for any ensuing charges or damages.

(c) If a negotiable document of title has been issued for goods, the bailee is not obliged to obey a notification to stop until surrender of possession or control of the document.

(d) A carrier who has issued a nonnegotiable bill of lading is not obliged to obey a notification to stop received from a person other than the consignor.

Formerly: Acts 1963, c.317, s.2-705. As amended by P.L.152-1986, SEC.164; P.L.143-2007, SEC.18.
Ind. Code § 26-1-2-328 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-328
Sale by auction
Status: in_force

Sec. 328. (1) In a sale by auction if goods are put up in lots each lot is the subject of a separate sale.

(2) A sale by auction is complete when the auctioneer so announces by the fall of the hammer or in other customary manner. Where a bid is made while the hammer is falling in acceptance of a prior bid the auctioneer may in his discretion reopen the bidding or declare the goods sold under the bid on which the hammer was falling.

(3) Such a sale is with reserve unless the goods are in explicit terms put up without reserve. In an auction with reserve the auctioneer may withdraw the goods at any time until he announces completion of the sale. In an auction without reserve, after the auctioneer calls for bids on an article or lot, that article or lot cannot be withdrawn unless no bid is made within a reasonable time. In either case a bidder may retract his bid until the auctioneer's announcement of completion of the sale, but a bidder's retraction does not revive any previous bid.

(4) If the auctioneer knowingly receives a bid on the seller's behalf or the seller makes or procures such a bid, and notice has not been given that liberty for such bidding is reserved, the buyer may at his option avoid the sale or take the goods at the price of the last good faith bid prior to the completion of the sale. This subsection shall not apply to any bid at a forced sale.

Formerly: Acts 1963, c.317, s.2-328.
Ind. Code § 26-3-7-16.7 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-16.7
Petition for review and request for administrative adjudication
Status: in_force

Sec. 16.7. (a) A licensee or claimant subject to the director's action may submit a petition for review and request for administrative adjudication under IC 4-21.5-3 from orders issued by the director under section 16.5 or 17.1 of this chapter.

(b) A licensee or claimant may request an administrative adjudication under IC 4-21.5-3 not more than fifteen (15) days after being served with the director's findings.

(c) If a licensee or claimant requests an administrative adjudication under IC 4-21.5-3, the office of administrative law proceedings shall designate an administrative law judge to preside over the petition for review.

(d) The office of administrative law proceedings is the ultimate authority for administrative adjudications under IC 4-21.5.

As added by P.L.145-2017, SEC.7. Amended by P.L.92-2025, SEC.74.
Ind. Code § 26-1-9.1-102 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-102
Definitions and index of definitions; principles of construction and interpretation
Status: in_force

Sec. 102. (a) In IC 26-1-9.1:

(1) "Accession" means goods that are physically united with other goods in such a manner that the identity of the original goods is not lost.

(2) "Account", except as used in "account for", "account statement", "account to", "commodity account" in subdivision (14), "customer's account", "deposit account" in subdivision (29), "on account of", and "statement of account", means a right to payment of a monetary obligation, whether or not earned by performance:

(A) for property that has been or is to be sold, leased, licensed, assigned, or otherwise disposed of;

(B) for services rendered or to be rendered;

(C) for a policy of insurance issued or to be issued;

(D) for a secondary obligation incurred or to be incurred;

(E) for energy provided or to be provided;

(F) for the use or hire of a vessel under a charter or other contract;

(G) arising out of the use of a credit or charge card or information contained on or for use with the card; or

(H) as winnings in a lottery or other game of chance operated or sponsored by a state other than Indiana, a governmental unit of a state, or a person licensed or authorized to operate the game by a state or governmental unit of a state.

The term does not include a right to a payment of a prize awarded by the state lottery commission in the Indiana state lottery established under IC 4-30. The term includes controllable accounts and health-care-insurance receivables. The term does not include (i) chattel paper, (ii) commercial tort claims, (iii) deposit accounts, (iv) investment property, (v) letter-of-credit rights or letters of credit, (vi) rights to payment for money or funds advanced or sold, other than rights arising out of the use of a credit or charge card or information contained on or for use with the card, or (vii) rights to payment evidenced by an instrument.

(3) "Account debtor" means a person obligated on an account, chattel paper, or general intangible. The term does not include persons obligated to pay a negotiable instrument, even if the negotiable instrument evidences chattel paper.

(4) "Accounting", except as used in "accounting for", means a record:

(A) signed by a secured party;

(B) indicating the aggregate unpaid secured obligations as of a date not more than thirty-five (35) days earlier or thirty-five (35) days later than the date of the record; and

(C) identifying the components of the obligations in reasonable detail.

(5) "Agricultural lien" means an interest, other than a security interest, in farm products:

(A) that secures payment or performance of an obligation for:

(i) goods or services furnished in connection with a debtor's farming operation; or

(ii) rent on real property leased by a debtor in connection with the debtor's farming operation;

(B) that is created by statute in favor of a person that:

(i) in the ordinary course of its business furnished goods or services to a debtor in connection with the debtor's farming operation; or

(ii) leased real property to a debtor in connection with the debtor's farming operation; and

(C) whose effectiveness does not depend on the person's possession of the personal property.

(6) "As-extracted collateral" means:

(A) oil, gas, or other minerals that are subject to a security interest that:

(i) is created by a debtor having an interest in the minerals before extraction; and

(ii) attaches to the minerals as extracted; or

(B) accounts arising out of the sale at the wellhead or minehead of oil, gas, or other minerals in which the debtor had an interest before extraction.

(7) The following terms have the following meanings:

(A) "Assignee", except as used in "assignee for benefit of creditors", means a person (i) in whose favor a security interest that secures an obligation is created or provided for under a security agreement, whether or not the obligation is outstanding or (ii) to which an account, chattel paper, payment intangible, or promissory note has been sold. The term includes a person to which a security interest has been transferred by a secured party.

(B) "Assignor" means a person that (i) under a security agreement creates or provides for a security interest that secures an obligation or (ii) sells an account, chattel paper, payment intangible, or promissory note. The term includes a secured party that has transferred a security interest to another person.

(8) "Bank" means an organization that is engaged in the business of banking. The term includes savings banks, savings and loan associations, credit unions, and trust companies.

(9) "Cash proceeds" means proceeds that are money, checks, deposit accounts, or the like.

(10) "Certificate of title" means a certificate of title with respect to which a statute provides for the security interest in question to be indicated on the certificate as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral. The term includes another record maintained as an alternative to a certificate of title by the governmental unit that issues certificates of title if a statute permits the security interest in question to be indicated on the record as a condition or result of the security interest's obtaining priority over the rights of a lien creditor with respect to the collateral.

(11) "Chattel paper" means:

(A) a right to payment of a monetary obligation secured by specific goods, if the right to payment and security interest are evidenced by a record; or

(B) a right to payment of a monetary obligation owed by a lessee under a lease agreement with respect to specific goods and a monetary obligation owed by the lessee in connection with the transaction giving rise to the lease if:

(i) the right to payment and lease agreement are evidenced by a record; and

(ii) the predominant purpose of the transaction giving rise to the lease was to give the lessee the right to possession and use of the goods.

The term does not include a right to payment arising out of a charter or other contract involving the use or hire of a vessel, or a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card.

(12) "Collateral" means the property subject to a security interest or agricultural lien. The term includes:

(A) proceeds to which a security interest attaches;

(B) accounts, chattel paper, payment intangibles, and promissory notes that have been sold; and

(C) goods that are the subject of a consignment.

(13) "Commercial tort claim" means a claim arising in tort with respect to which:

(A) the claimant is an organization; or

(B) the claimant is an individual and the claim:

(i) arose in the course of the claimant's business or profession; and

(ii) does not include damages arising out of personal injury to or the death of an individual.

(14) "Commodity account" means an account maintained by a commodity intermediary in which a commodity contract is carried for a commodity customer.

(15) "Commodity contract" means a commodity futures contract, an option on a commodity futures contract, a commodity option, or another contract if the contract or option is:

(A) traded on or subject to the rules of a board of trade that has been designated as a contract market for such a contract pursuant to federal commodities laws; or

(B) traded on a foreign commodity board of trade, exchange, or market, and is carried on the books of a commodity intermediary for a commodity customer.

(16) "Commodity customer" means a person for which a commodity intermediary carries a commodity contract on its books.

(17) "Commodity intermediary" means a person that:

(A) is registered as a futures commission merchant under federal commodities law; or

(B) in the ordinary course of its business provides clearance or settlement services for a board of trade that has been designated as a contract market pursuant to federal commodities law.

(18) "Communicate" means:

(A) to send a written or other tangible record;

(B) to transmit a record by any means agreed upon by the persons sending and receiving the record; or

(C) in the case of transmission of a record to or by a filing office, to transmit a record by any means prescribed by filing-office rule.

(19) "Consignee" means a merchant to which goods are delivered in a consignment.

(20) "Consignment" means a transaction, regardless of its form, in which a person delivers goods to a merchant for the purpose of sale and:

(A) the merchant:

(i) deals in goods of that kind under a name other than the name of the person making delivery;

(ii) is not an auctioneer; and

(iii) is not generally known by its creditors to be substantially engaged in selling the goods of others;

(B) with respect to each delivery, the aggregate value of the goods is one thousand dollars ($1,000) or more at the time of delivery;

(C) the goods are not consumer goods immediately before delivery; and

(D) the transaction does not create a security interest that secures an obligation.

(21) "Consignor" means a person that delivers goods to a consignee in a consignment.

(22) "Consumer debtor" means a debtor in a consumer transaction.

(23) "Consumer goods" means goods that are used or bought for use primarily for personal, family, or household purposes.

(24) "Consumer-goods transaction" means a consumer transaction in which:

(A) an individual incurs an obligation primarily for personal, family, or household purposes; and

(B) a security interest in consumer goods secures the obligation.

(25) "Consumer obligor" means an obligor who is an individual and who incurred the obligation as part of a transaction entered into primarily for personal, family, or household purposes.

(26) "Consumer transaction" means a transaction in which (i) an individual incurs an obligation primarily for personal, family, or household purposes, (ii) a security interest secures the obligation, and (iii) the collateral is held or acquired primarily for personal, family, or household purposes. The term includes consumer-goods transactions.

(27) The following terms have the following meanings:

(A) "Continuation statement" means an amendment of a financing statement that:

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

(ii) indicates that it is a continuation statement for, or that it is filed to continue the effectiveness of, the identified financing statement.

(B) "Controllable account" means an account evidenced by a controllable electronic record that provides that the account debtor undertakes to pay the person that has control under IC 26-1-12-105 of the controllable electronic record.

(C) "Controllable payment intangible" means a payment intangible evidenced by a controllable electronic record that provides that the account debtor undertakes to pay the person that has control under IC 26-1-12-105 of the controllable electronic record.

(28) "Debtor" means:

(A) a person having an interest, other than a security interest or other lien, in the collateral, whether or not the person is an obligor;

(B) a seller of accounts, chattel paper, payment intangibles, or promissory notes; or

(C) a consignee.

(29) "Deposit account" means a demand, time, savings, passbook, or similar account maintained with a bank. The term does not include investment property or accounts evidenced by an instrument.

(30) "Document" means a document of title or a receipt of the type described in IC 26-1-7-201(b).

(31) [Reserved.]

(32) "Encumbrance" means a right, other than an ownership interest, in real property. The term includes mortgages and other liens on real property.

(33) "Equipment" means goods other than inventory, farm products, or consumer goods.

(34) "Farm products" means goods, other than standing timber, with respect to which the debtor is engaged in a farming operation and which are:

(A) crops grown, growing, or to be grown, including:

(i) crops produced on trees, vines, and bushes; and

(ii) aquatic goods produced in aquacultural operations;

(B) livestock, born or unborn, including aquatic goods produced in aquacultural operations;

(C) supplies used or produced in a farming operation; or

(D) products of crops or livestock in their unmanufactured states.

(35) "Farming operation" means raising, cultivating, propagating, fattening, grazing, or any other farming, livestock, or aquacultural operation.

(36) "File number" means the number assigned to an initial financing statement pursuant to IC 26-1-9.1-519(a).

(37) "Filing office" means an office designated in IC 26-1-9.1-501 as the place to file a financing statement.

(38) "Filing-office rule" means a rule adopted pursuant to IC 26-1-9.1-526.

(39) "Financing statement" means a record or records composed of an initial financing statement and any filed record relating to the initial financing statement.

(40) "Fixture filing" means the filing of a financing statement covering goods that are or are to become fixtures and satisfying IC 26-1-9.1-502(a) and IC 26-1-9.1-502(b). The term includes the filing of a financing statement covering goods of a transmitting utility which are or are to become fixtures.

(41) "Fixtures" means goods that have become so related to particular real property that an interest in them arises under real property law.

(42) "General intangible" means any personal property, including things in action, other than accounts, chattel paper, commercial tort claims, deposit accounts, documents, goods, instruments, investment property, letter-of-credit rights, letters of credit, money, and oil, gas, or other minerals before extraction. The term includes controllable electronic records, payment intangibles, and software.

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

(44) "Goods" means all things that are movable when a security interest attaches. The term includes (i) fixtures, (ii) standing timber that is to be cut and removed under a conveyance or contract for sale, (iii) the unborn young of animals, (iv) crops grown, growing, or to be grown, even if the crops are produced on trees, vines, or bushes, and (v) manufactured homes. The term also includes a computer program embedded in goods and any supporting information provided in connection with a transaction relating to the program if (i) the program is associated with the goods in such a manner that it customarily is considered part of the goods, or (ii) by becoming the owner of the goods, a person acquires a right to use the program in connection with the goods. The term does not include a computer program embedded in goods that consist solely of the medium in which the program is embedded. The term also does not include accounts, chattel paper, commercial tort claims, deposit accounts, documents, general intangibles, instruments, investment property, letter-of-credit rights, letters of credit, money, or oil, gas, or other minerals before extraction.

(45) "Governmental unit" means a subdivision, agency, department, county, parish, municipality, or other unit of the government of the United States, a state, or a foreign country. The term includes an organization having a separate corporate existence if the organization is eligible to issue debt on which interest is exempt from income taxation under the laws of the United States.

(46) "Health-care-insurance receivable" means an interest in or claim under a policy of insurance that is a right to payment of a monetary obligation for health-care goods or services provided.

(47) "Instrument" means a negotiable instrument or any other writing that evidences a right to the payment of a monetary obligation, is not itself a security agreement or lease, and is of a type that in the ordinary course of business is transferred by delivery with any necessary endorsement or assignment. The term does not include (i) investment property, (ii) letters of credit, (iii) writings that evidence a right to payment arising out of the use of a credit or charge card or information contained on or for use with the card, or (iv) writings that evidence chattel paper.

(48) "Inventory" means goods, other than farm products, that:

(A) are leased by a person as lessor;

(B) are held by a person for sale or lease or to be furnished under a contract of service;

(C) are furnished by a person under a contract of service; or

(D) consist of raw materials, work in process, or materials used or consumed in a business.

(49) "Investment property" means a security, whether certificated or uncertificated, security entitlement, securities account, commodity contract, or commodity account.

(50) "Jurisdiction of organization", with respect to a registered organization, means the jurisdiction under whose law the organization is formed or organized.

(51) "Letter-of-credit right" means a right to payment or performance under a letter of credit, whether or not the beneficiary has demanded or is at the time entitled to demand payment or performance. The term does not include the right of a beneficiary to demand payment or performance under a letter of credit.

(52) "Lien creditor" means:

(A) a creditor that has acquired a lien on the property involved by attachment, levy, or the like;

(B) an assignee for benefit of creditors from the time of assignment;

(C) a trustee in bankruptcy from the date of the filing of the petition; or

(D) a receiver in equity from the time of appointment.

(53) "Manufactured home" means a structure, transportable in one (1) or more sections, which, in the traveling mode, is eight (8) body feet or more in width or forty (40) body feet or more in length, or, when erected on site, is three hundred twenty (320) or more square feet, and which is built with or without a permanent chassis and designed to be used as a dwelling with or without a permanent foundation when connected to the required utilities, and includes the plumbing, heating, air conditioning, and electrical systems contained therein. The term includes any structure that meets all of the requirements of this subdivision except the size requirements, and with respect to which the manufacturer voluntarily files a certification required by the United States Secretary of Housing and Urban Development and complies with the standards established under Title 42 of the United States Code.

(54) The following terms have the following meanings:

(A) "Manufactured-home transaction" means a secured transaction:

(i) that creates a purchase-money security interest in a manufactured home, other than a manufactured home held as inventory; or

(ii) in which a manufactured home, other than a manufactured home held as inventory, is the primary collateral.

(B) "Money" has the meaning set forth in IC 26-1-1-201(24), but does not include a deposit account.

(55) "Mortgage" means a consensual interest in real property, including fixtures, that secures payment or performance of an obligation.

(56) "New debtor" means a person that becomes bound as debtor under IC 26-1-9.1-203(d) by a security agreement previously entered into by another person.

(57) "New value" means (i) money, (ii) money's worth in property, services, or new credit, or (iii) release by a transferee of an interest in property previously transferred to the transferee. The term does not include an obligation substituted for another obligation.

(58) "Noncash proceeds" means proceeds other than cash proceeds.

(59) "Obligor" means a person that, with respect to an obligation secured by a security interest in or an agricultural lien on the collateral, (i) owes payment or other performance of the obligation, (ii) has provided property other than the collateral to secure payment or other performance of the obligation, or (iii) is otherwise accountable in whole or in part for payment or other performance of the obligation. The term does not include issuers or nominated persons under a letter of credit.

(60) "Original debtor", except as used in IC 26-1-9.1-310(c), means a person that, as debtor, entered into a security agreement to which a new debtor has become bound under IC 26-1-9.1-203(d).

(61) "Payment intangible" means a general intangible under which the account debtor's principal obligation is a monetary obligation. The term includes a controllable payment intangible.

(62) "Person related to", with respect to an individual, means:

(A) the spouse of the individual;

(B) a brother, brother-in-law, sister, or sister-in-law of the individual;

(C) an ancestor or lineal descendant of the individual or the individual's spouse; or

(D) any other relative, by blood or marriage, of the individual or the individual's spouse who shares the same home with the individual.

(63) "Person related to", with respect to an organization, means:

(A) a person directly or indirectly controlling, controlled by, or under common control with the organization;

(B) an officer or director of, or a person performing similar functions with respect to, the organization;

(C) an officer or director of, or a person performing similar functions with respect to, a person described in clause (A);

(D) the spouse of an individual described in clause (A), (B), or (C); or

(E) an individual who is related by blood or marriage to an individual described in clause (A), (B), (C), or (D) and shares the same home with the individual.

(64) "Proceeds", except as used in IC 26-1-9.1-609(b), means the following property:

(A) Whatever is acquired upon the sale, lease, license, exchange, or other disposition of collateral.

(B) Whatever is collected on, or distributed on account of, collateral.

(C) Rights arising out of collateral.

(D) To the extent of the value of collateral, claims arising out of the loss, nonconformity, or interference with the use of, defects or infringement of rights in, or damage to, the collateral.

(E) To the extent of the value of collateral and to the extent payable to the debtor or the secured party, insurance payable by reason of the loss or nonconformity of, defects or infringement of rights in, or damage to, the collateral.

(65) "Promissory note" means an instrument that evidences a promise to pay a monetary obligation, does not evidence an order to pay, and does not contain an acknowledgment by a bank that the bank has received for deposit a sum of money or funds.

(66) "Proposal" means a record signed by a secured party that includes the terms on which the secured party is willing to accept collateral in full or partial satisfaction of the obligation it secures pursuant to IC 26-1-9.1-620, IC 26-1-9.1-621, and IC 26-1-9.1-622.

(67) "Public-finance transaction" means a secured transaction in connection with which:

(A) debt securities are issued;

(B) all or a portion of the securities issued have an initial stated maturity of at least twenty (20) years; and

(C) the debtor, obligor, secured party, account debtor, or other person obligated on collateral, assignor or assignee of a secured obligation, or assignor or assignee of a security interest is a state or a governmental unit of a state.

(68) "Public organic record" means a record that is available to the public for inspection and is:

(A) a record consisting of the record initially filed with or issued by a state or the United States to form or organize an organization and any record filed with or issued by the state or the United States which amends or restates the initial record;

(B) an organic record of a business trust consisting of the record initially filed with a state and any record filed with the state which amends or restates the initial record, if a statute of the state governing business trusts requires that the record be filed with the state; or

(C) a record consisting of legislation enacted by the legislature of a state or the Congress of the United States which forms or organizes an organization, any record amending the legislation, and any record filed with or issued by the state or the United States which amends or restates the name of the organization.

(69) "Pursuant to commitment", with respect to an advance made or other value given by a secured party, means pursuant to the secured party's obligation, whether or not a subsequent event of default or other event not within the secured party's control has relieved or may relieve the secured party from its obligation.

(70) "Record", except as used in "for record", "of record", "record or legal title", and "record owner", 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.

(71) "Registered organization" means an organization formed or organized solely under the law of a single state or the United States by the filing of a public organic record with, the issuance of a public organic record by, or the enactment of legislation by the state or the United States. The term includes a business trust that is formed or organized under the law of a single state if a statute of the state governing business trusts requires that the business trust's organic record be filed with the state.

(72) "Secondary obligor" means an obligor to the extent that:

(A) the obligor's obligation is secondary; or

(B) the obligor has a right of recourse with respect to an obligation secured by collateral against the debtor, another obligor, or property of either.

(73) "Secured party" means:

(A) a person in whose favor a security interest is created or provided for under a security agreement, whether or not any obligation to be secured is outstanding;

(B) a person that holds an agricultural lien;

(C) a consignor;

(D) a person to which accounts, chattel paper, payment intangibles, or promissory notes have been sold;

(E) a trustee, indenture trustee, agent, collateral agent, or other representative in whose favor a security interest or agricultural lien is created or provided for; or

(F) a person that holds a security interest arising under IC 26-1-2-401, IC 26-1-2-505, IC 26-1-2-711(3), IC 26-1-2.1-508(5), IC 26-1-4-210, or IC 26-1-5.1-118.

(74) "Security agreement" means an agreement that creates or provides for a security interest.

(75) [Reserved.]

(76) "Software" means a computer program and any supporting information provided in connection with a transaction relating to the program. The term does not include a computer program that is included in the definition of goods.

(77) "State" means a state of the United States, the District of Columbia, Puerto Rico, the United States Virgin Islands, or any territory or insular possession subject to the jurisdiction of the United States.

(78) "Supporting obligation" means a letter-of-credit right or secondary obligation that supports the payment or performance of an account, chattel paper, a document, a general intangible, an instrument, or investment property.

(79) [Reserved.]

(80) "Termination statement" means an amendment of a financing statement that:

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

(B) indicates either that it is a termination statement or that the identified financing statement is no longer effective.

(81) "Transmitting utility" means a person primarily engaged in the business of:

(A) operating a railroad, subway, street railway, or trolley bus;

(B) transmitting communications electrically, electromagnetically, or by light;

(C) transmitting goods by pipeline or sewer; or

(D) transmitting or producing and transmitting electricity, steam, gas, or water.

(b) "Control" as provided in IC 26-1-7-106 and the following definitions outside IC 26-1-9.1 apply to IC 26-1-9.1:

"Applicant" IC 26-1-5.1-102.

"Beneficiary" IC 26-1-5.1-102.

"Broker" IC 26-1-8.1-102.

"Certificated security" IC 26-1-8.1-102.

"Check" IC 26-1-3.1-104.

"Clearing corporation" IC 26-1-8.1-102.

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

"Controllable electronic record" IC 26-1-12-102.

"Customer" IC 26-1-4-104.

"Entitlement holder" IC 26-1-8.1-102.

"Financial asset" IC 26-1-8.1-102.

"Holder in due course" IC 26-1-3.1-302.

"Issuer" (with respect to a letter of credit or letter-of-credit right) IC 26-1-5.1-102.

"Issuer" (with respect to a security) IC 26-1-8.1-201.

"Issuer" (with respect to documents of title) IC 26-1-7-102.

"Lease" IC 26-1-2.1-103.

"Lease agreement" IC 26-1-2.1-103.

"Lease contract" IC 26-1-2.1-103.

"Leasehold interest" IC 26-1-2.1-103.

"Lessee" IC 26-1-2.1-103.

"Lessee in ordinary course of business" IC 26-1-2.1-103.

"Lessor" IC 26-1-2.1-103.

"Lessor's residual interest" IC 26-1-2.1-103.

"Letter of credit" IC 26-1-5.1-102.

"Merchant" IC 26-1-2-104.

"Negotiable instrument" IC 26-1-3.1-104.

"Nominated person" IC 26-1-5.1-102.

"Note" IC 26-1-3.1-104.

"Proceeds of a letter of credit" IC 26-1-5.1-114.

"Protected purchaser" IC 26-1-8.1-303.

"Prove" IC 26-1-3.1-103.

"Qualifying purchaser" IC 26-1-12-102.

"Sale" IC 26-1-2-106.

"Securities account" IC 26-1-8.1-501.

"Securities intermediary" IC 26-1-8.1-102.

"Security" IC 26-1-8.1-102.

"Security certificate" IC 26-1-8.1-102.

"Security entitlement" IC 26-1-8.1-102.

"Uncertificated security" IC 26-1-8.1-102.

(c) IC 26-1-1 contains general definitions and principles of construction and interpretation applicable throughout IC 26-1-9.1.

As added by P.L.57-2000, SEC.45. Amended by P.L.143-2007, SEC.65; P.L.108-2009, SEC.3; P.L.54-2011, SEC.3; P.L.110-2022, SEC.1; P.L.199-2023, SEC.40; P.L.157-2026, SEC.223.
Ind. Code § 26-1-3.1-505 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-505
Evidence of dishonor
Status: in_force

Sec. 505. (a) The following are admissible as evidence and create a presumption of dishonor and of any notice of dishonor stated:

(1) A document regular in form as provided in subsection (b) which purports to be a protest.

(2) A purported stamp or writing of the drawee, payor bank, or presenting bank on or accompanying the instrument stating that acceptance or payment has been refused unless reasons for the refusal are stated and the reasons are not consistent with dishonor.

(3) A book or record of the drawee, payor bank, or collecting bank, kept in the usual course of business which shows dishonor, even if there is no evidence of who made the entry.

(b) A protest is a certificate of dishonor made by a United States consul or vice consul, or a notary public or other person authorized to administer oaths by the law of the place where dishonor occurs. It may be made upon information satisfactory to that person. The protest must identify the instrument and certify either that presentment has been made or, if not made, the reason why it was not made, and that the instrument has been dishonored by nonacceptance or nonpayment. The protest may also certify that notice of dishonor has been given to some or all parties.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-4.1-106 — Indiana Code / Title 26 / Article 1 / Chapter 4.1 / Section 26-1-4.1-106
Time payment order is received
Status: in_force

Sec. 106. (a) The time of receipt of a payment order or communication canceling or amending a payment order is determined by the rules applicable to receipt of a notice stated in IC 26-1-1-201(27). A receiving bank may fix a cut-off time or times on a funds-transfer business day for the receipt and processing of payment orders and communications canceling or amending payment orders. Different cut-off times may apply to payment orders, cancellations, or amendments, or to different categories of payment orders, cancellations, or amendments. A cut-off time may apply to senders generally or different cut-off times may apply to different senders or categories of payment orders. If a payment order or communication canceling or amending a payment order is received after the close of a funds-transfer business day or after the appropriate cut-off time on a funds-transfer business day, the receiving bank may treat the payment order or communication as received at the opening of the next funds-transfer business day.

(b) If IC 26-1-4.1 refers to an execution date or payment date or states a day on which a receiving bank is required to take action, and the date or day does not fall on a funds-transfer business day, the next day that is a funds-transfer business day is treated as the date or day stated, unless the contrary is stated in IC 26-1-4.1.

As added by P.L.189-1991, SEC.4.
Ind. Code § 26-1-9.1-314.1 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-314.1
Perfection of security interest in chattel paper by possession or control
Status: in_force

Sec. 314.1. (a) A secured party may perfect a security interest in chattel paper by taking possession of each authoritative tangible copy of the record evidencing the chattel paper and obtaining control of each authoritative electronic copy of the electronic record evidencing the chattel paper.

(b) A security interest is perfected under subsection (a) not earlier than the time the secured party takes possession and obtains control, and remains perfected under subsection (a) only while the secured party retains possession and control.

(c) Section 313(c) of this chapter and section 313(f) through 313(i) of this chapter apply to perfection by possession of an authoritative tangible copy of a record evidencing chattel paper.

As added by P.L.199-2023, SEC.60. Amended by P.L.9-2024, SEC.477.
Ind. Code § 26-3-7.5-4 — Indiana Code / Title 26 / Article 3 / Chapter 7.5 / Section 26-3-7.5-4
Seal
Status: in_force

Sec. 4. Each piece of equipment that is tested under this chapter and found to be accurate according to rules or standards prescribed by the United States Department of Agriculture and the agency must bear a seal issued by the office of the director that contains the following information:

(1) A statement that the equipment has been tested for accuracy.

(2) The date of inspection.

(3) The expiration date of the seal.

As added by P.L.114-2025, SEC.43.
Ind. Code § 26-1-2-308 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-308
Absence of specified place for delivery
Status: in_force

Sec. 308. Unless otherwise agreed:

(a) the place for delivery of goods is the seller's place of business or if he has none his residence; but

(b) in a contract for sale of identified goods which to the knowledge of the parties at the time of contracting are in some other place, that place is the place for their delivery; and

(c) documents of title may be delivered through customary banking channels.

Formerly: Acts 1963, c.317, s.2-308. As amended by P.L.3-1989, SEC.149.
Ind. Code § 26-2-8-203 — Indiana Code / Title 26 / Article 2 / Chapter 8 / Section 26-2-8-203
Interoperability
Status: in_force

Sec. 203. Standards adopted by a governmental agency under section 202 of this chapter must encourage and promote consistency and interoperability with similar requirements adopted by:

(1) other governmental agencies;

(2) other states;

(3) the federal government; and

(4) nongovernmental persons interacting with governmental agencies.

If appropriate, those standards must specify differing levels of standards from which governmental agencies may choose in implementing the most appropriate standard for a particular application.

As added by P.L.62-2000, SEC.1.
Ind. Code § 26-1-9.1-803 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-803
Security interest unperfected before July 1, 2013
Status: in_force

Sec. 803. A security interest that is an unperfected security interest immediately before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013) becomes a perfected security interest:

(1) without further action, when the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013) if the applicable requirements for perfection under this chapter, as amended by P.L.54-2011, are satisfied before or at that time; or

(2) when the applicable requirements for perfection are satisfied if the requirements are satisfied after this time.

As added by P.L.54-2011, SEC.22. Amended by P.L.6-2012, SEC.180.
Ind. Code § 26-1-3.1-405 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-405
Employer's responsibility for fraudulent endorsement by employee
Status: in_force

Sec. 405. (a) In this section:

(1) "Employee" includes an independent contractor and employee of an independent contractor retained by the employer.

(2) "Fraudulent endorsement" means:

(A) in the case of an instrument payable to the employer, a forged endorsement purporting to be that of the employer; or

(B) in the case of an instrument with respect to which the employer is the issuer, a forged endorsement purporting to be that of the person identified as payee.

(3) "Responsibility" with respect to instruments means authority:

(A) to sign or endorse instruments on behalf of the employer;

(B) to process instruments received by the employer for bookkeeping purposes, for deposit to an account, or for other disposition;

(C) to prepare or process instruments for issue in the name of the employer;

(D) to supply information determining the names or addresses of payees of instruments to be issued in the name of the employer;

(E) to control the disposition of instruments to be issued in the name of the employer; or

(F) to act otherwise with respect to instruments in a responsible capacity.

"Responsibility" does not include authority that merely allows an employee to have access to instruments or blank or incomplete instrument forms that are being stored or transported or are part of incoming or outgoing mail or similar access.

(b) For the purpose of determining the rights and liabilities of a person who, in good faith, pays an instrument or takes it for value or for collection, if an employer entrusted an employee with responsibility with respect to the instrument and the employee or a person acting in concert with the employee makes a fraudulent endorsement of the instrument, the endorsement is effective as the endorsement of the person to whom the instrument is payable if it is made in the name of that person. If the person paying the instrument or taking it for value or for collection fails to exercise ordinary care in paying or taking the instrument and that failure substantially contributes to loss resulting from the fraud, the person bearing the loss may recover from the person failing to exercise ordinary care to the extent the person bearing the loss proves that the failure to exercise ordinary care substantially contributed to the loss.

(c) Under subsection (b), an endorsement is made in the name of the person to whom an instrument is payable if:

(1) it is made in a name substantially similar to the name of that person; or

(2) the instrument, whether or not endorsed, is deposited in a depositary bank to an account in a name substantially similar to the name of that person.

As added by P.L.222-1993, SEC.5. Amended by P.L.129-1994, SEC.2; P.L.248-1995, SEC.2.
Ind. Code § 26-1-2-403 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-403
Power to transfer; good faith purchase of goods; "entrusting"
Status: in_force

Sec. 403. (1) A purchaser of goods acquires all title which the purchaser's transferor had or had power to transfer, except that a purchaser of a limited interest acquires rights only to the extent of the interest purchased. A person with voidable title has power to transfer a good title to a good faith purchaser for value. When goods have been delivered under a transaction of purchase, the purchaser has such power even though:

(a) the transferor was deceived as to the identity of the purchaser; or

(b) the delivery was in exchange for a check which is later dishonored; or

(c) it was agreed that the transaction was to be a "cash sale"; or

(d) the delivery was procured through fraud punishable as theft under the criminal law.

(2) Any entrusting of possession of goods to a merchant who deals in goods of that kind gives the merchant power to transfer all rights of the entruster to a buyer in ordinary course of business.

(3) "Entrusting" includes any delivery and any acquiescence in retention of possession regardless of any condition expressed between the parties to the delivery or acquiescence and regardless of whether the procurement of the entrusting or the possessor's disposition of the goods have been such as to be theft under the criminal law.

(4) The rights of other purchasers of goods and of lien creditors are governed by IC 26-1-9.1 on secured transactions and IC 26-1-7 on documents of title.

Formerly: Acts 1963, c.317, s.2-403. As amended by P.L.152-1986, SEC.143; P.L.144-1997, SEC.3; P.L.57-2000, SEC.20; P.L.77-2007, SEC.3.
Ind. Code § 26-4-5-4 — Indiana Code / Title 26 / Article 4 / Chapter 5 / Section 26-4-5-4
Educational information
Status: in_force

Sec. 4. The board, in coordination with the agency, shall develop educational information to be made available electronically to producers, grain buyers, and warehouse operators, explaining the following:

(1) The purpose of the fund.

(2) How the fund is operated.

(3) An explanation of coverage under the program, including the duration of coverage and limits on losses.

(4) The process for claiming a refund.

(5) The process for reentering the program.

(6) Where a producer may locate information about the producer's status in the program.

(7) Materials explaining normal industry marketing terms and the terms' meanings.

As added by P.L.145-2017, SEC.20. Amended by P.L.114-2025, SEC.72; P.L.23-2026, SEC.263.
Ind. Code § 26-2-8-111 — Indiana Code / Title 26 / Article 2 / Chapter 8 / Section 26-2-8-111
Retention of electronic records; originals
Status: in_force

Sec. 111. (a) If a law requires that certain records be retained, that requirement is met by retaining an electronic record of the information in the record that:

(1) accurately reflects the information set forth in the record after it was first generated in its final form as an electronic record or otherwise; and

(2) remains accessible for later reference.

(b) A requirement to retain records in accordance with subsection (a) does not apply to any information whose sole purpose is to enable the record to be sent, communicated, or received.

(c) A person satisfies subsection (a) by using the services of any other person if the requirements of subsection (a) are met.

(d) If a law requires a record to be presented or retained in its original form, or provides consequences if the record is not presented or retained in its original form, that law is satisfied by an electronic record retained in accordance with subsection (a).

(e) If a law requires retention of a check, that requirement is satisfied by retention of an electronic record of the information on the front and back of the check in accordance with subsection (a).

(f) A record retained as an electronic record in accordance with subsection (a) satisfies a law requiring a person to retain records for evidentiary, audit, or like purposes, unless a law enacted after July 1, 2000, specifically prohibits the use of an electronic record for a specified purpose.

(g) This section does not preclude a governmental agency from specifying additional requirements for the retention of records, written or electronic, subject to the agency's jurisdiction.

As added by P.L.62-2000, SEC.1.
Ind. Code § 26-1-12.5-301 — Indiana Code / Title 26 / Article 1 / Chapter 12.5 / Section 26-1-12.5-301
Transaction, lien, or interest entered into, created, or acquired before July 1, 2023; validity; applicability of act; existing actions, cases, or proceedings not affected
Status: in_force

Sec. 301. (a) Except as otherwise provided in this section or in sections 302 through 306 of this chapter:

(1) IC 26-1-9.1, as amended by the act; and

(2) IC 26-1-12;

apply to a transaction, lien, or interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before July 1, 2023.

(b) Except as provided in subsection (c) and in sections 302 through 306 of this chapter:

(1) a transaction, lien, or interest in property that was validly entered into, created, or transferred before July 1, 2023, and was not governed by IC 26-1, but would be subject to:

(A) IC 26-1-9.1, as amended by the act; or

(B) IC 26-1-12;

if it had been entered into, created, or transferred on or after July 1, 2023, including the rights, duties, and interests flowing from the transaction, lien, or interest, remain valid on and after July 1, 2023; and

(2) the transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by:

(A) the act; or

(B) the law that would apply if the act had not taken effect.

(c) The act does not affect an action, case, or proceeding commenced before July 1, 2023.

As added by P.L.199-2023, SEC.91.
Ind. Code § 26-1-7-508 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-508
Warranties of collecting bank as to documents
Status: in_force

Sec. 508. A collecting bank or other intermediary known to be entrusted with documents of title on behalf of another or with collection of a draft or other claim against delivery of documents warrants by delivery of the documents only its own good faith and authority even if the collecting bank or other intermediary has purchased or made advances against the claim or draft to be collected.

Formerly: Acts 1963, c.317, s.7-508. As amended by P.L.143-2007, SEC.59.
Ind. Code § 26-1-9.1-618 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-618
Rights and duties of certain secondary obligors
Status: in_force

Sec. 618. (a) A secondary obligor acquires the rights and becomes obligated to perform the duties of the secured party after the secondary obligor:

(1) receives an assignment of a secured obligation from the secured party;

(2) receives a transfer of collateral from the secured party and agrees to accept the rights and assume the duties of the secured party; or

(3) is subrogated to the rights of a secured party with respect to collateral.

(b) An assignment, transfer, or subrogation described in subsection (a):

(1) is not a disposition of collateral under IC 26-1-9.1-610; and

(2) relieves the secured party of further duties under IC 26-1-9.1.

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

Sec. 1. This article applies to a grain buyer (as defined in section 14 of this chapter).

As added by P.L.250-1995, SEC.1.
Ind. Code § 26-1-2-309 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-309
Absence of specific time provisions; notice of termination
Status: in_force

Sec. 309. (1) The time for shipment or delivery or any other action under a contract, if not provided in IC 26-1-2 or agreed upon, shall be a reasonable time.

(2) Where the contract provides for successive performances but is indefinite in duration, it is valid for a reasonable time but unless otherwise agreed may be terminated at any time by either party.

(3) Termination of a contract by one (1) party, except on the happening of an agreed event, requires that reasonable notification be received by the other party, and an agreement dispensing with notification is invalid if its operation would be unconscionable.

Formerly: Acts 1963, c.317, s.2-309. As amended by P.L.152-1986, SEC.132.
Ind. Code § 26-3-7-34 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-34
Violations
Status: in_force

Sec. 34. (a) A person who knowingly or intentionally violates or fails to comply with this chapter commits a Class A misdemeanor. Each day a person violates this chapter constitutes a separate violation.

(b) A person who knowingly or intentionally issues a receipt or ticket, knowing that the grain for which the receipt or ticket is issued has not been actually received at the licensed warehouse, commits a Class A misdemeanor. A person who issues a duplicate, or additional negotiable receipt for grain, knowing that a former negotiable receipt for the same grain or any part of the grain is outstanding and uncancelled, except in the case of a lost, stolen, or destroyed receipt, as provided in section 24 of this chapter, commits a Class A misdemeanor. A person who fraudulently represents, alters, or counterfeits any license provided for in this chapter commits a Level 6 felony.

(c) Except in case of sale or other disposition of the grain in lawful enforcement of the lien on grain that attaches under this chapter or on a licensee's lawful termination of storage, shipping, or handling agreements, or except as permitted by the rules adopted by the director under section 38 of this chapter to effectuate the purposes of this chapter:

(1) a person who knowingly or intentionally delivers grain out of a licensed facility, knowing that a negotiable receipt, the negotiation of which would transfer the right of possession of the grain is outstanding and uncancelled, without obtaining the possession of the receipt at or before the time of delivery, commits a Level 6 felony; and

(2) a person who knowingly or intentionally delivers grain out of a licensed facility, knowing that a non-negotiable receipt or ticket is outstanding and uncancelled, without the prior written approval of the person lawfully entitled to delivery under the non-negotiable receipt or ticket and without delivery being shown on the appropriate records of the licensee, commits a Level 6 felony.

(d) A person who fraudulently issues a receipt, a ticket, or a weight or grade certificate, knowing that it contains a false statement, or who issues a receipt for grain owned solely or jointly by the person and does not state the fact of the person's ownership in the receipt, commits a Class A misdemeanor.

(e) A person who recklessly changes a receipt or ticket subsequent to issuance, except for notation by the licensee of partial delivery, commits a Class B misdemeanor.

(f) A person who knowingly or intentionally deposits grain to which the person does not have title or upon which there is a lien or mortgage and who accepts for the grain a receipt or ticket, without disclosing the lack of title or the existence of the lien or mortgage, commits a Level 6 felony.

(g) A person commits a Class A misdemeanor who knowingly or intentionally:

(1) engages in the business of being a grain buyer or operates a warehouse without a valid license issued by the director;

(2) engages in the business of being a grain buyer or operates a warehouse without a sufficient cash deposit, letter of credit, or surety bond on file with and in a form approved by the director; or

(3) engages in the business of being a grain buyer or operates a warehouse while in violation of the rules adopted by the director.

(h) A person commits a Class A misdemeanor who willfully makes or causes to be made a false entry or statement of fact in an application or report filed with the director.

(i) The director may revoke the license of a licensee that uses an unlicensed facility to store or handle grain or commits another violation of this chapter.

(j) The agency shall report a licensee that is suspected of a criminal violation under this chapter to the county prosecuting attorney or the attorney general.

Formerly: Acts 1973, P.L.268, SEC.1. As amended by Acts 1978, P.L.2, SEC.2608; Acts 1979, P.L.249, SEC.17; Acts 1981, P.L.232, SEC.2; Acts 1982, P.L.155, SEC.19; P.L.139-1996, SEC.11; P.L.125-1997, SEC.54; P.L.158-2013, SEC.295; P.L.114-2025, SEC.40.
Ind. Code § 26-1-9.1-310 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-310
When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply
Status: in_force

Sec. 310. (a) Except as otherwise provided in subsection (b) and IC 26-1-9.1-312(b), a financing statement must be filed to perfect all security interests and agricultural liens.

(b) The filing of a financing statement is not necessary to perfect a security interest:

(1) that is perfected under IC 26-1-9.1-308(d), IC 26-1-9.1-308(e), IC 26-1-9.1-308(f), or IC 26-1-9.1-308(g);

(2) that is perfected under IC 26-1-9.1-309 when it attaches;

(3) in property subject to a statute, regulation, or treaty described in IC 26-1-9.1-311(a);

(4) in goods in possession of a bailee that are perfected under IC 26-1-9.1-312(d)(1) or IC 26-1-9.1-312(d)(2);

(5) in certificated securities, documents, goods, or instruments which is perfected without filing, control, or possession under IC 26-1-9.1-312(e), IC 26-1-9.1-312(f), or IC 26-1-9.1-312(g);

(6) in collateral in the secured party's possession under IC 26-1-9.1-313;

(7) in a certificated security which is perfected by delivery of the security certificate to the secured party under IC 26-1-9.1-313;

(8) in:

(A) controllable accounts, controllable electronic records, controllable payment intangibles, deposit accounts, electronic documents, investment property, or letter-of-credit rights that are perfected by control under IC 26-1-9.1-314; or

(B) chattel paper which is perfected by possession under section 314.1 of this chapter;

(9) in proceeds which is perfected under IC 26-1-9.1-315; or

(10) that is perfected under IC 26-1-9.1-316.

(c) If a secured party assigns a perfected security interest or agricultural lien, a filing under IC 26-1-9.1 is not required to continue the perfected status of the security interest against creditors of and transferees from the original debtor.

As added by P.L.57-2000, SEC.45. Amended by P.L.143-2007, SEC.70; P.L.110-2022, SEC.3; P.L.199-2023, SEC.56.
Ind. Code § 26-1-9.1-342 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-342
Bank's right to refuse to enter into or disclose existence of control agreement
Status: in_force

Sec. 342. IC 26-1-9.1 does not require a bank to enter into an agreement of the kind described in IC 26-1-9.1-104(a)(2), even if its customer so requests or directs. A bank that has entered into such an agreement is not required to confirm the existence of the agreement to another person unless requested to do so by its customer.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-7-502 — Indiana Code / Title 26 / Article 1 / Chapter 7 / Section 26-1-7-502
Rights acquired by due negotiation
Status: in_force

Sec. 502. (a) Subject to sections 205 and 503 of this chapter, a holder to which a negotiable document of title has been duly negotiated acquires thereby:

(1) title to the document;

(2) title to the goods;

(3) all rights accruing under the law of agency or estoppel, including rights to goods delivered to the bailee after the document was issued; and

(4) the direct obligation of the issuer to hold or deliver the goods according to the terms of the document free of any defense or claim by the issuer except those arising under the terms of the document or under this chapter. In the case of a delivery order, the bailee's obligation accrues only upon the bailee's acceptance of the delivery order, and the obligation acquired by the holder is that the issuer and any endorser will procure the acceptance of the bailee.

(b) Subject to section 503 of this chapter, title and rights acquired by due negotiation are not defeated by any stoppage of the goods represented by the document of title or by surrender of the goods by the bailee and are not impaired even if:

(1) the due negotiation or any prior due negotiation constituted a breach of duty;

(2) any person has been deprived of possession of a negotiable tangible document or control of a negotiable electronic document by misrepresentation, fraud, accident, mistake, duress, loss, theft, or conversion; or

(3) a previous sale or other transfer of the goods or document has been made to a third person.

Formerly: Acts 1963, c.317, s.7-502. As amended by P.L.152-1986, SEC.257; P.L.143-2007, SEC.53.
Ind. Code § 26-1-12.5-305 — Indiana Code / Title 26 / Article 1 / Chapter 12.5 / Section 26-1-12.5-305
Determination of priority of conflicting claims to collateral
Status: in_force

Sec. 305. (a) Subject to subsections (b) and (c), the act determines the priority of conflicting claims to collateral.

(b) Subject to subsection (c), if the priorities of claims to collateral were established before July 1, 2023, IC 26-1-9.1 as in effect before July 1, 2023, determines priority.

(c) On the adjustment date, to the extent the priorities determined by IC 26-1-9.1, as amended by the act, modify the priorities established before July 1, 2023, the priorities of claims to chapter 12 property established before July 1, 2023, cease to apply.

As added by P.L.199-2023, SEC.91.
Ind. Code § 26-1-2-713 — Indiana Code / Title 26 / Article 1 / Chapter 2 / Section 26-1-2-713
Buyer's damages for nondelivery or repudiation
Status: in_force

Sec. 713. (1) Subject to the provisions of IC 26-1-2-723 with respect to proof of market price, the measure of damages for nondelivery or repudiation by the seller is the difference between the market price at the time when the buyer learned of the breach and the contract price together with any incidental and consequential damages provided in IC 26-1-2-715, but less expenses saved in consequence of the seller's breach.

(2) Market price is to be determined as of the place for tender or, in cases of rejection after arrival or revocation of acceptance, as of the place of arrival.

Formerly: Acts 1963, c.317, s.2-713. As amended by P.L.152-1986, SEC.171.
Ind. Code § 26-1-3.1-115 — Indiana Code / Title 26 / Article 1 / Chapter 3.1 / Section 26-1-3.1-115
Incomplete instrument
Status: in_force

Sec. 115. (a) "Incomplete instrument" means a signed writing, whether or not issued by the signer, the contents of which show at the time of signing that it is incomplete but that the signer intended it to be completed by the addition of words or numbers.

(b) Subject to subsection (c), if an incomplete instrument is an instrument under IC 26-1-3.1-104, it may be enforced according to its terms if it is not completed, or according to its terms as augmented by completion. If an incomplete instrument is not an instrument under IC 26-1-3.1-104, but, after completion, the requirements of IC 26-1-3.1-104 are met, the instrument may be enforced according to its terms as augmented by completion.

(c) If words or numbers are added to an incomplete instrument without authority of the signer, there is an alteration of the incomplete instrument under IC 26-1-3.1-407.

(d) The burden of establishing that words or numbers were added to an incomplete instrument without authority of the signer is on the person asserting the lack of authority.

As added by P.L.222-1993, SEC.5.
Ind. Code § 26-1-9.1-205 — Indiana Code / Title 26 / Article 1 / Chapter 9.1 / Section 26-1-9.1-205
Use or disposition of collateral permissible
Status: in_force

Sec. 205. (a) A security interest is not invalid or fraudulent against creditors solely because:

(1) the debtor has the right or ability to:

(A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;

(B) collect, compromise, enforce, or otherwise deal with collateral;

(C) accept the return of collateral or make repossessions; or

(D) use, commingle, or dispose of proceeds; or

(2) the secured party fails to require the debtor to account for proceeds or replace collateral.

(b) This section does not relax the requirements of possession if attachment, perfection, or enforcement of a security interest depends upon possession of the collateral by the secured party.

As added by P.L.57-2000, SEC.45.
Ind. Code § 26-1-4-202 — Indiana Code / Title 26 / Article 1 / Chapter 4 / Section 26-1-4-202
Responsibility for collection or return; when action timely
Status: in_force

Sec. 202. (a) A collecting bank must exercise ordinary care in:

(1) presenting an item or sending it for presentment;

(2) sending notice of dishonor or nonpayment or returning an item other than a documentary draft to the bank's transferor after learning that the item has not been paid or accepted, as the case may be;

(3) settling for an item when the bank receives final settlement; and

(4) notifying its transferor of any loss or delay in transit within a reasonable time after discovery thereof.

(b) A collecting bank exercises ordinary care under subsection (a) by taking proper action before its midnight deadline following receipt of an item, notice, or settlement. Taking proper action within a reasonably longer time may constitute the exercise of ordinary care, but the bank has the burden of establishing timeliness.

(c) Subject to subsection (a)(1), a bank is not liable for the insolvency, neglect, misconduct, mistake, or default of another bank or person or for loss or destruction of an item in the possession of others or in transit.

Formerly: Acts 1963, c.317, s.4-202. As amended by P.L.152-1986, SEC.214; P.L.222-1993, SEC.18.
Ind. Code § 26-3-7-16.6 — Indiana Code / Title 26 / Article 3 / Chapter 7 / Section 26-3-7-16.6
Procedures
Status: in_force

Sec. 16.6. The procedures established by this chapter also apply when the director learns or has reason to believe that a person is doing business as a grain buyer, operating a warehouse, or acting as a buyer-warehouse without the license required by this chapter.

As added by Acts 1982, P.L.155, SEC.11. Amended by P.L.191-1991, SEC.9; P.L.139-1996, SEC.10; P.L.125-1997, SEC.36; P.L.173-1999, SEC.9.
Ind. Code § 26-3-8-7 — Indiana Code / Title 26 / Article 3 / Chapter 8 / Section 26-3-8-7
"Personal property"
Status: in_force

Sec. 7. As used in this chapter, "personal property" means movable property not affixed to land. The term includes goods, wares, merchandise, household items, motor vehicles, trailers, and watercraft.

As added by P.L.265-1987, SEC.1. Amended by P.L.144-2014, SEC.3; P.L.93-2023, SEC.1.
Ind. Code § 26-1-1-0.2 — Indiana Code / Title 26 / Article 1 / Chapter 1 / Section 26-1-1-0.2
Transactions entered into after July 1, 1964, and before January 1, 1986; status of certain perfected security interests
Status: in_force

Sec. 0.2. A transaction validly entered into after July 1, 1964, and before January 1, 1986, which:

(1) was subject to this article, as effective on December 31, 1985; and

(2) would be subject to P.L.93-1985 if it had been entered into after December 31, 1985;

and the rights, duties, and interests flowing from such a transaction remain valid after December 31, 1985, and may be terminated, completed, consummated, or enforced as required or permitted by P.L.93-1985. Security interests arising out of such a transaction that are perfected as of January 1, 1986, shall remain perfected until they lapse as provided by sections 0.4 and 0.5 of this chapter and may be continued as permitted by P.L.93-1985 except as stated in section 0.3 of this chapter.

As added by P.L.220-2011, SEC.412.
Ind. Code § 26-1-2.1-503 — Indiana Code / Title 26 / Article 1 / Chapter 2.1 / Section 26-1-2.1-503
Modification or impairment of rights and remedies
Status: in_force

Sec. 503. (1) Except as otherwise provided in IC 26-1-2.1, the lease agreement may include rights and remedies for default in addition to or in substitution for those provided in IC 26-1-2.1 and may limit or alter the measure of damages recoverable under IC 26-1-2.1.

(2) Resort to a remedy provided under IC 26-1-2.1 or in the lease agreement is optional unless the remedy is expressly agreed to be exclusive. If circumstances cause an exclusive or limited remedy to fail of its essential purpose, or provision for an exclusive remedy is unconscionable, remedy may be had as provided in IC 26-1-2.1.

(3) Consequential damages may be liquidated under IC 26-1-2.1-504, or may otherwise be limited, altered, or excluded unless the limitation, alteration, or exclusion is unconscionable. Limitation, alteration, or exclusion of consequential damages for injury to the person in the case of consumer goods is prima facie unconscionable but limitation, alteration, or exclusion of damages where the loss is commercial is not prima facie unconscionable.

(4) Rights and remedies on default by the lessor or the lessee with respect to any obligation or promise collateral or ancillary to the lease contract are not impaired by IC 26-1-2.1.

As added by P.L.189-1991, SEC.3.
Ind. Code § 26-4-7-1 — Indiana Code / Title 26 / Article 4 / Chapter 7 / Section 26-4-7-1
Authority
Status: in_force

Sec. 1. The agency, corporation, and board have authority to publish and adopt rules consistent with this article.

As added by P.L.250-1995, SEC.1.