reglab/housing_qa huggingface dataset:
IN Code § 26-1-8.1-505 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 8.1. Investment Securities|26-1-8.1-505. Duty of Securities Intermediary to Obtain and Pay Distributions on Financial Assets

Sec. 505. (a) A securities intermediary shall take action to obtain a payment or distribution made by the issuer of a financial asset. A securities intermediary satisfies the duty if:(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or(2) in the 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.
IN Code § 26-1-8.1-506 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 8.1. Investment Securities|26-1-8.1-506. Duty of Securities Intermediary to Exercise Rights as Directed by Entitlement Holder

Sec. 506. A securities intermediary shall exercise rights with respect to a financial asset if directed to do so by an entitlement holder. A securities intermediary satisfies the duty if:(1) the securities intermediary acts with respect to the duty as agreed upon by the entitlement holder and the securities intermediary; or(2) in the absence of agreement, the securities intermediary either places the entitlement holder in a position to exercise the rights directly or exercises due care in accordance with reasonable commercial standards to follow the direction of the entitlement holder.As added by P.L.247-1995, SEC.10.
IN Code § 26-1-8.1-507 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 8.1. Investment Securities|26-1-8.1-507. Duty of Securities Intermediary to Comply With Entitlement Order; Liability for Wrongful Transfer

Sec. 507. (a) A securities intermediary shall comply with an entitlement order if the entitlement order is originated by the appropriate person, the securities intermediary has had reasonable opportunity to assure itself that the entitlement order is genuine and authorized, and the securities intermediary has had reasonable opportunity to comply with the entitlement order. A 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 comply with the entitlement order.(b) If a securities intermediary transfers a financial asset under an ineffective entitlement order, the securities intermediary shall reestablish a security entitlement in favor of the person entitled to it, and pay or credit any payments or distributions that the person did not receive as a result of the wrongful transfer. If the securities intermediary does not reestablish a security entitlement, the securities intermediary is liable to the entitlement holder for damages.As added by P.L.247-1995, SEC.10.
IN Code § 26-1-8.1-508 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 8.1. Investment Securities|26-1-8.1-508. Duty of Securities Intermediary to Act at Direction of Entitlement Holder

Sec. 508. A securities intermediary shall act at the direction of an entitlement holder to change a security entitlement into another available form of holding for which the entitlement holder is eligible, or to cause the financial asset to be transferred to a securities account of the entitlement holder with another securities intermediary. A securities intermediary satisfies the duty if:(1) the securities intermediary acts 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 follow the direction of the entitlement holder.As added by P.L.247-1995, SEC.10.
IN Code § 26-1-8.1-509 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 8.1. Investment Securities|26-1-8.1-509. Standards for Performance of Duties by Securities Intermediary

Sec. 509. (a) If the substance of a duty imposed upon a securities intermediary by IC 26-1-8.1-504 through IC 26-1-8.1-508 is the subject of other statute, regulation, or rule, compliance with that statute, regulation, or rule satisfies the duty.(b) To the extent that specific standards for the performance of the duties of a securities intermediary or the exercise of the rights of an entitlement holder are not specified by other statute, regulation, or rule or by agreement between the securities intermediary and entitlement holder, the securities intermediary shall perform its duties and the entitlement holder shall exercise its rights in a commercially reasonable manner.(c) The obligation of a securities intermediary to perform the duties imposed by IC 26-1-8.1-504 through IC 26-1-8.1-508 is subject to:(1) rights of the securities intermediary arising out of a security interest under a security agreement with the entitlement holder or otherwise; and(2) rights of the securities intermediary under other law, regulation, rule, or agreement to withhold performance of its duties as a result of unfulfilled obligations of the entitlement holder to the securities intermediary.(d) IC 26-1-8.1-504 through IC 26-1-8.1-508 do not require a securities intermediary to take any action that is prohibited by other statute, regulation, or rule.As added by P.L.247-1995, SEC.10.
IN Code § 26-1-8.1-510 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 8.1. Investment Securities|26-1-8.1-510. Purchaser for Value of Financial Asset or Security Entitlement; Adverse Claims

Sec. 510. (a) In a case not covered by the priority rules in IC 26-1-9.1 or the rules stated in subsection (c), an action based on an adverse claim to a financial asset or security entitlement, whether framed in conversion, replevin, constructive trust, equitable lien, or other theory, may not be asserted against a person who purchases a security entitlement, or an interest therein, from an entitlement holder if the purchaser gives value, does not have notice of the adverse claim, and obtains control.(b) If an adverse claim could not have been asserted against an entitlement holder under IC 26-1-8.1-502, the adverse claim cannot be asserted against a person who purchases a security entitlement, or an interest therein, from the entitlement holder.(c) In a case not covered by the priority rules in IC 26-1-9.1, a purchaser for value of a security entitlement, or an interest therein, who obtains control has priority over a purchaser of a security entitlement, or an interest therein, who does not obtain control. Except as otherwise provided in subsection (d), purchasers who have control rank according to priority in time of:(1) the purchaser's becoming the person for whom the securities account, in which the security entitlement is carried, is maintained, if the purchaser obtained control under IC 26-1-8.1-106(d)(1);(2) the securities intermediary's agreement to comply with the purchaser's entitlement orders with respect to security entitlements carried or to be carried in the securities account in which the security entitlement is carried, if the purchaser obtained control under IC 26-1-8.1-106(d)(2); or(3) if the purchaser obtained control through another person under IC 26-1-8.1-106(d)(3), the time on which priority would be based under this subsection if the other person were the secured party.(d) A securities intermediary as purchaser has priority over a conflicting purchaser who has control unless otherwise agreed by the securities intermediary.As added by P.L.247-1995, SEC.10. Amended by P.L.57-2000, SEC.44.
IN Code § 26-1-8.1-511 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 8.1. Investment Securities|26-1-8.1-511. Priority of Claims in Financial Asset

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.
IN Code § 26-1-9.1-101 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-101. Short Title

Sec. 101. IC 26-1-9.1 may be cited as Uniform Commercial Code–Secured Transactions.As added by P.L.57-2000, SEC.45.
IN Code § 26-1-9.1-102.5 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-102.5. "Take Free"; "Takes Free"; "Takes the Money Free"; "Takes the Funds Free"

Sec. 102.5. As used in this chapter, "take free", "takes free", "takes the money free", and "takes the funds free", when used in conjunction with a security interest in collateral which is transferred, means that following the transfer the collateral is no longer encumbered by the security interest and the security interest is terminated with respect to the transferred collateral.As added by P.L.192-2003, SEC.1.
IN Code § 26-1-9.1-104 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-104. Control of Deposit Account

Sec. 104. (a) A secured party has control of a deposit account if:(1) the secured party is the bank with which the deposit account is maintained;(2) the debtor, secured party, and bank have agreed in an authenticated record that the bank will comply with instructions originated by the secured party directing disposition of the funds in the account without further consent by the debtor; or(3) the secured party becomes the bank's customer with respect to the deposit account.(b) A secured party that has satisfied subsection (a) has control, even if the debtor retains the right to direct the disposition of funds from the deposit account.As added by P.L.57-2000, SEC.45.
IN Code § 26-1-9.1-105 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-105. Control of Electronic Chattel Paper

Sec. 105. (a) A secured party has control of electronic chattel paper if a system employed for evidencing the transfer of interests in the chattel paper reliably establishes the secured party as the person to which the chattel paper was assigned.(b) A system satisfies subsection (a) if the record or records comprising the chattel paper are created, stored, and assigned in such a manner that:(1) a single authoritative copy of the record or records exists which is unique, identifiable and, except as otherwise provided in subdivisions (4), (5), and (6), unalterable;(2) the authoritative copy identifies the secured party as the assignee of the record or records;(3) the authoritative copy is communicated to and maintained by the secured party or its designated custodian;(4) copies or amendments that add or change an identified assignee of the authoritative copy can be made only with the consent of the secured party;(5) each copy of the authoritative copy and any copy of a copy is readily identifiable as a copy that is not the authoritative copy; and(6) any amendment of the authoritative copy is readily identifiable as authorized or unauthorized.As added by P.L.57-2000, SEC.45. Amended by P.L.54-2011, SEC.4.
IN Code § 26-1-9.1-106 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-106. Control of Investment Property

Sec. 106. (a) A person has control of a certificated security, uncertificated security, or security entitlement as provided in IC 26-1-8.1-106.(b) A secured party has control of a commodity contract if:(1) the secured party is the commodity intermediary with which the commodity contract is carried; or(2) the commodity customer, secured party, and 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.
IN Code § 26-1-9.1-107 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-107. Control of Letter-of-Credit Right

Sec. 107. A secured party has control of a letter-of-credit right to the extent of any right to payment or performance by the issuer or any nominated person if the issuer or nominated person has consented to an assignment of proceeds of the letter of credit under IC 26-1-5.1-114(c) or otherwise applicable law or practice.As added by P.L.57-2000, SEC.45.
IN Code § 26-1-9.1-108 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-108. Sufficiency of Description

Sec. 108. (a) Except as otherwise provided in subsections (c), (d), and (e), a description of personal or real property is sufficient, whether or not it is specific, if it reasonably identifies what is described.(b) Except as otherwise provided in subsection (d), a description of collateral reasonably identifies the collateral if it identifies the collateral by:(1) specific listing;(2) category;(3) except as otherwise provided in subsection (e), a type of collateral defined in IC 26-1;(4) quantity;(5) computational or allocational formula or procedure; or(6) except as otherwise provided in subsection (c), any other method, if the identity of the collateral is objectively determinable.(c) A description of collateral as "all the debtor's assets" or "all the debtor's personal property" or using words of similar import does not reasonably identify the collateral.(d) Except as otherwise provided in subsection (e), a description of a security entitlement, securities account, or commodity account is sufficient if it describes:(1) the collateral by those terms or as investment property; or(2) the underlying financial asset or commodity contract.(e) A description only by type of collateral defined in IC 26-1 is an insufficient description of:(1) a commercial tort claim; or(2) in a consumer transaction, consumer goods, a security entitlement, a securities account, or a commodity account.As added by P.L.57-2000, SEC.45.
IN Code § 26-1-9.1-110 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-110. Security Interests Arising Under Ic 26-1-2 or Ic 26-1-2.1

Sec. 110. A security interest arising under IC 26-1-2-401, IC 26-1-2-505, IC 26-1-2-711(3), or IC 26-1-2.1-508(5) is subject to IC 26-1-9.1. However, until the debtor obtains possession of the goods:(1) the security interest is enforceable, even if IC 26-1-9.1-203(b)(3) has not been satisfied;(2) filing is not required to perfect the security interest;(3) the rights of the secured party after default by the debtor are governed by IC 26-1-2 or IC 26-1-2.1; and(4) the security interest has priority over a conflicting security interest created by the debtor.As added by P.L.57-2000, SEC.45.
IN Code § 26-1-9.1-201 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-201. General Effectiveness of Security Agreement

Sec. 201. (a) Except as otherwise provided in IC 26-1, a security agreement is effective according to its terms between the parties, against purchasers of the collateral, and against creditors.(b) A transaction subject to this article is subject to any applicable rule of law that establishes a different rule for consumers.(c) In case of conflict between IC 26-1-9.1 and a rule of law, statute, or regulation described in subsection (b), the rule of law, statute, or regulation controls. Failure to comply with a statute or regulation described in subsection (b) has only the effect the statute or regulation specifies.(d) IC 26-1-9.1 does not:(1) validate any rate, charge, agreement, or practice that violates a rule of law, statute, or regulation described in subsection (b); or(2) extend the application of the rule of law, statute, or regulation to a transaction not otherwise subject to it.As added by P.L.57-2000, SEC.45.
IN Code § 26-1-9.1-202 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-202. Title to Collateral Immaterial

Sec. 202. Except as otherwise provided with respect to consignments or sales of accounts, chattel paper, payment intangibles, or promissory notes, the provisions of this article with regard to rights and obligations apply whether title to collateral is in the secured party or the debtor.As added by P.L.57-2000, SEC.45.
IN Code § 26-1-9.1-204 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-204. After-Acquired Property; Future Advances

Sec. 204. (a) Except as otherwise provided in subsection (b), a security agreement may create or provide for a security interest in after-acquired collateral.(b) A security interest does not attach under a term constituting an after-acquired property clause to:(1) consumer goods, other than an accession when given as additional security, unless the debtor acquires rights in them within ten (10) days after the secured party gives value; or(2) a commercial tort claim.(c) A security agreement may provide that collateral secures, or that accounts, chattel paper, payment intangibles, or promissory notes are sold in connection with, future advances or other value, whether or not the advances or value are given pursuant to commitment.As added by P.L.57-2000, SEC.45.
IN Code § 26-1-9.1-205 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-205. Use or Disposition of Collateral Permissible

Sec. 205. (a) A security interest is not invalid or fraudulent against creditors solely because:(1) the debtor has the right or ability to:(A) use, commingle, or dispose of all or part of the collateral, including returned or repossessed goods;(B) collect, compromise, enforce, or otherwise deal with collateral;(C) accept the return of 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.
IN Code § 26-1-9.1-206 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-206. Security Interest Arising in Purchase or Delivery of Financial Asset

Sec. 206. (a) A security interest in favor of a securities intermediary attaches to a person's security entitlement if:(1) the person buys a financial asset through the securities intermediary in a transaction in which the person is obligated to pay the purchase price to the securities intermediary at the time of the purchase; and(2) the securities intermediary credits the financial asset to the buyer's securities account before the buyer pays the securities intermediary.(b) The security interest described in subsection (a) secures the person's obligation to pay for the financial asset.(c) A security interest in favor of a person that delivers a certificated security or other financial asset represented by a writing attaches to the security or other financial asset if:(1) the security or other financial asset:(A) in the ordinary course of business is transferred by delivery with any necessary endorsement or assignment; and(B) is delivered under an agreement between persons in the business of dealing with such securities or financial assets; and(2) the agreement calls for delivery against payment.(d) The security interest described in subsection (c) secures the obligation to make payment for the delivery.As added by P.L.57-2000, SEC.45.
IN Code § 26-1-9.1-207 (2021)
2021 Indiana Code|Title 26. Commercial Law|Article 1. Uniform Commercial Code|Chapter 9.1. Secured Transactions|26-1-9.1-207. Rights and Duties of Secured Party Having Possession or Control of Collateral

Sec. 207. (a) Except as otherwise provided in subsection (d), a secured party shall use reasonable care in the custody and preservation of collateral in the secured party's possession. In the case of chattel paper or an instrument, reasonable care includes taking necessary steps to preserve rights against prior parties unless otherwise agreed.(b) Except as otherwise provided in subsection (d), if a secured party has possession of collateral:(1) reasonable expenses, including the cost of insurance and payment of taxes or other charges, incurred in the custody, preservation, use, or operation of the collateral are chargeable to the debtor and are secured by the collateral;(2) the risk of accidental loss or damage is on the debtor to the extent of a deficiency in any effective insurance coverage;(3) the secured party shall keep the collateral identifiable, but fungible collateral may be commingled; and(4) the secured party may use or operate the collateral:(A) for the purpose of preserving the collateral or its value;(B) as permitted by an order of a court having competent jurisdiction; or(C) except in the case of consumer goods, in the manner and to the extent agreed by the debtor.(c) Except as otherwise provided in subsection (d), a secured party having possession of collateral or control of collateral under IC 26-1-7-106, IC 26-1-9.1-104, IC 26-1-9.1-105, IC 26-1-9.1-106, or IC 26-1-9.1-107:(1) may hold as additional security any proceeds, except money or funds, received from the collateral;(2) shall apply money or funds received from the collateral to reduce the secured obligation, unless remitted to the debtor; and(3) may create a security interest in the collateral.(d) If the secured party is a buyer of accounts, chattel paper, payment intangibles, or promissory notes or a consignor:(1) subsection (a) does not apply unless the secured party is entitled under an agreement:(A) to charge back uncollected collateral; or(B) otherwise to full or limited recourse against the debtor or a secondary obligor based on the nonpayment or other default of an account debtor or other obligor on the collateral; and(2) subsections (b) and (c) do not apply.As added by P.L.57-2000, SEC.45. Amended by P.L.143-2007, SEC.67.