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2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-607. Collection and Enforcement by Secured Party

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.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-608. Application of Proceeds of Collection or Enforcement; Liability for Deficiency and Right to Surplus

Sec. 608. (a) If a security interest or agricultural lien secures payment or performance of an obligation, the following rules apply:
(1) A secured party shall apply or pay over for application the cash proceeds of collection or enforcement under IC 26-1-9.1-607 in the following order to:
(A) the reasonable expenses of collection and enforcement and, to the extent provided for by agreement and not prohibited by law, reasonable attorney's fees and legal expenses incurred by the secured party;
(B) the satisfaction of obligations secured by the security interest or agricultural lien under which the collection or enforcement is made; and
(C) the satisfaction of obligations secured by any subordinate security interest in or other lien on the collateral subject to the security interest or agricultural lien under which the collection or enforcement is made if the secured party receives a signed demand for proceeds before distribution of the proceeds is completed.
(2) If requested by a secured party, a holder of a subordinate security interest or other lien shall furnish reasonable proof of the interest or lien within a reasonable time. Unless the holder complies, the secured party need not comply with the holder's demand under subdivision (1)(C).
(3) A secured party need not apply or pay over for application noncash proceeds of collection and enforcement under IC 26-1-9.1-607 unless the failure to do so would be commercially unreasonable. A secured party that applies or pays over for application noncash proceeds shall do so in a commercially reasonable manner.
(4) A secured party shall account to and pay a debtor for any surplus, and the obligor is liable for any deficiency.
(b) If the underlying transaction is a sale of accounts, chattel paper, payment intangibles, or promissory notes, the debtor is not entitled to any surplus, and the obligor is not liable for any deficiency.
As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.78.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-609. Secured Party's Right to Take Possession After Default

Sec. 609. (a) After default, a secured party:
(1) may take possession of the collateral; and
(2) without removal, may render equipment unusable and dispose of collateral on a debtor's premises under IC 26-1-9.1-610.
(b) A secured party may proceed under subsection (a):
(1) pursuant to judicial process; or
(2) without judicial process, if it proceeds without breach of the peace.
(c) If so agreed, and in any event after default, a secured party may require the debtor to assemble the collateral and make it available to the secured party at a place to be designated by the secured party which is reasonably convenient to both parties.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-610. Disposition of Collateral After Default

Sec. 610. (a) After default, a secured party may sell, lease, license, or otherwise dispose of any or all of the collateral in its present condition or following any commercially reasonable preparation or processing.
(b) Every aspect of a disposition of collateral, including the method, manner, time, place, and other terms, must be commercially reasonable. If commercially reasonable, a secured party may dispose of collateral by public or private proceedings, by one or more contracts, as a unit or in parcels, and at any time and place and on any terms.
(c) A secured party may purchase collateral:
(1) at a public disposition; or
(2) at a private disposition only if the collateral is of a kind that is customarily sold on a recognized market or the subject of widely distributed standard price quotations.
(d) A contract for sale, lease, license, or other disposition includes the warranties relating to title, possession, quiet enjoyment, and the like, which by operation of law accompany a voluntary disposition of property of the kind subject to the contract.
(e) A secured party may disclaim or modify warranties under subsection (d):
(1) in a manner that would be effective to disclaim or modify the warranties in a voluntary disposition of property of the kind subject to the contract of disposition; or
(2) by communicating to the purchaser a record evidencing the contract for disposition and including an express disclaimer or modification of the warranties.
(f) A record is sufficient to disclaim warranties under subsection (e) if it indicates "There is no warranty relating to title, possession, quiet enjoyment, or the like in this disposition" or uses words of similar import.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-611. Notification by Secured Party of Disposition of Collateral

Sec. 611. (a) As used in this section, "notification date" means the earlier of the date on which:
(1) a secured party sends to the debtor and any secondary obligor a signed notification of disposition; or
(2) the debtor and any secondary obligor waive the right to notification.
(b) Except as otherwise provided in subsection (d), a secured party that disposes of collateral under IC 26-1-9.1-610 shall send to the persons specified in subsection (c) a reasonable signed notification of disposition.
(c) To comply with subsection (b), the secured party shall send a signed notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has received, before the notification date, a signed notification of a claim of an interest in the collateral;
(B) any other secured party or lienholder that, ten (10) days before the notification date, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office in which to file a financing statement against the debtor covering the collateral as of that date; and
(C) any other secured party that, ten (10) days before the notification date, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in IC 26-1-9.1-311(a).
(d) Subsection (b) does not apply if the collateral is perishable or threatens to decline speedily in value or is of a type customarily sold on a recognized market.
(e) A secured party complies with the requirement for notification prescribed in subsection (c)(3)(B) if:
(1) not later than twenty (20) days or earlier than thirty (30) days before the notification date, the secured party requests, in a commercially reasonable manner, information concerning financing statements indexed under the debtor's name in the office indicated in subsection (c)(3)(B); and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for information; or
(B) received a response to the request for information and sent a signed notification of disposition to each secured party or other lienholder named in that response whose financing statement covered the collateral.
As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.79.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-612. Timeliness of Notification Before Disposition of Collateral

Sec. 612. (a) Except as otherwise provided in subsection (b), whether a notification is sent within a reasonable time is a question of fact.
(b) In a transaction other than a consumer transaction, a notification of disposition sent after default and ten (10) days or more before the earliest time of disposition set forth in the notification is sent within a reasonable time before the disposition.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-617. Rights of Transferee of Collateral

Sec. 617. (a) A secured party's disposition of collateral after default:
(1) transfers to a transferee for value all of the debtor's rights in the collateral;
(2) discharges the security interest under which the disposition is made; and
(3) discharges any subordinate security interest or other subordinate lien.
(b) A transferee that acts in good faith takes free of the rights and interests described in subsection (a), even if the secured party fails to comply with IC 26-1-9.1 or the requirements of any judicial proceeding.
(c) If a transferee does not take free of the rights and interests described in subsection (a), the transferee takes the collateral subject to:
(1) the debtor's rights in the collateral;
(2) the security interest or agricultural lien under which the disposition is made; and
(3) any security interest or other lien.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-618. Rights and Duties of Certain Secondary Obligors

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.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-619. Transfer of Record or Legal Title to Collateral

Sec. 619. (a) In this section, "transfer statement" means a record signed by a secured party stating:
(1) that the debtor has defaulted in connection with an obligation secured by specified collateral;
(2) that the secured party has exercised its post-default remedies with respect to the collateral;
(3) that, by reason of the exercise, a transferee has acquired the rights of the debtor in the collateral; and
(4) the name and mailing address of the secured party, debtor, and transferee.
(b) A transfer statement entitles the transferee to the transfer of record of all rights of the debtor in the collateral specified in the statement in any official filing, recording, registration, or certificate-of-title system covering the collateral. If a transfer statement is presented with the applicable fee and request form to the official or office responsible for maintaining the system, the official or office shall:
(1) accept the transfer statement;
(2) promptly amend its records to reflect the transfer; and
(3) if applicable, issue a new appropriate certificate of title in the name of transferee.
(c) A transfer of the record or legal title to collateral to a secured party under subsection (b) or otherwise is not of itself a disposition of collateral under IC 26-1-9.1 and does not of itself relieve the secured party of its duties under IC 26-1-9.1.
As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.84.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-621. Acceptance of Collateral in Full or Partial Satisfaction of Obligation; Notification of Proposal

Sec. 621. (a) A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:
(1) any person from which the secured party has received, before the debtor consented to the acceptance, a signed notification of a claim of an interest in the collateral;
(2) any other secured party or lienholder that, ten (10) days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date; and
(C) was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and
(3) any other secured party that, ten (10) days before the debtor consented to the acceptance, held a security interest in the collateral perfected by compliance with a statute, regulation, or treaty described in IC 26-1-9.1-311(a).
(b) A secured party that desires to accept collateral in partial satisfaction of the obligation it secures shall send its proposal to any secondary obligor in addition to the persons described in subsection (a).
As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.86.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-622. Effect of Acceptance of Collateral

Sec. 622. (a) A secured party's acceptance of collateral in full or partial satisfaction of the obligation it secures:
(1) discharges the obligation to the extent consented to by the debtor;
(2) transfers to the secured party all of a debtor's rights in the collateral;
(3) discharges the security interest or agricultural lien that is the subject of the debtor's consent and any subordinate security interest or other subordinate lien; and
(4) terminates any other subordinate interest.
(b) A subordinate interest is discharged or terminated under subsection (a), even if the secured party fails to comply with IC 26-1-9.1.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-623. Right to Redeem Collateral

Sec. 623. (a) A debtor, any secondary obligor, or any other secured party or lienholder may redeem collateral.
(b) To redeem collateral, a person shall tender:
(1) fulfillment of all obligations secured by the collateral; and
(2) the reasonable expenses and attorney's fees described in IC 26-1-9.1-615(a)(1).
(c) A redemption may occur at any time before a secured party:
(1) has collected collateral under IC 26-1-9.1-607;
(2) has disposed of collateral or entered into a contract for its disposition under IC 26-1-9.1-610; or
(3) has accepted collateral in full or partial satisfaction of the obligation it secures under IC 26-1-9.1-622.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-624. Debtor's or Secondary Obligor's Waiver of Rights Regarding Disposition or Redemption of Collateral

Sec. 624. (a) A debtor or secondary obligor may waive the right to notification of disposition of collateral under IC 26-1-9.1-611 only by an agreement to that effect entered into and signed after default.
(b) A debtor may waive the right to require disposition of collateral under IC 26-1-9.1-620(e) only by an agreement to that effect entered into and signed after default.
(c) Except in a consumer-goods transaction, a debtor or secondary obligor may waive the right to redeem collateral under IC 26-1-9.1-623 only by an agreement to that effect entered into and signed after default.
As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.87.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-626. Action in Which Deficiency or Surplus Is in Issue

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.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-627. Determination of Whether Conduct Was Commercially Reasonable

Sec. 627. (a) The fact that a greater amount could have been obtained by a collection, enforcement, disposition, or acceptance at a different time or in a different method from that selected by the secured party is not of itself sufficient to preclude the secured party from establishing that the collection, enforcement, disposition, or acceptance was made in a commercially reasonable manner.
(b) A disposition of collateral is made in a commercially reasonable manner if the disposition is made:
(1) in the usual manner on any recognized market;
(2) at the price current in any recognized market at the time of the disposition; or
(3) otherwise in conformity with reasonable commercial practices among dealers in the type of property that was the subject of the disposition.
(c) A collection, enforcement, disposition, or acceptance is commercially reasonable if it has been approved:
(1) in a judicial proceeding;
(2) by a bona fide creditors' committee;
(3) by a representative of creditors; or
(4) by an assignee for the benefit of creditors.
(d) Approval under subsection (c) need not be obtained, and lack of approval does not mean that the collection, enforcement, disposition, or acceptance is not commercially reasonable.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-628. Nonliability and Limitation on Liability of Secured Party; Exception for Controllable Accounts, Controllable Electronic Records, and Controllable Payment Intangibles

Sec. 628. (a) Subject to subsection (f), unless a secured party knows that a person is a debtor or obligor, knows the identity of the person, and knows how to communicate with the person:
(1) the secured party is not liable to the person, or to a secured party or lienholder that has filed a financing statement against the person, for failure to comply with IC 26-1-9.1; and
(2) the secured party's failure to comply with IC 26-1-9.1 does not affect the liability of the person for a deficiency.
(b) Subject to subsection (f), a secured party is not liable because of its status as secured party:
(1) to a person that is a debtor or obligor, unless the secured party knows:
(A) that the person is a debtor or obligor;
(B) the identity of the person; and
(C) how to communicate with the person; or
(2) to a secured party or lienholder that has filed a financing statement against a person, unless the secured party knows:
(A) that the person is a debtor; and
(B) the identity of the person.
(c) A secured party is not liable to any person, and a person's liability for a deficiency is not affected, because of any act or omission arising out of the secured party's reasonable belief that a transaction is not a consumer-goods transaction or a consumer transaction or that goods are not consumer goods, if the secured party's belief is based on its reasonable reliance on:
(1) a debtor's representation concerning the purpose for which collateral was to be used, acquired, or held; or
(2) an obligor's representation concerning the purpose for which a secured obligation was incurred.
(d) A secured party is not liable to any person under IC 26-1-9.1-625(c)(2) for its failure to comply with IC 26-1-9.1-616.
(e) A secured party is not liable under IC 26-1-9.1-625(c)(2) more than once with respect to any one secured obligation.
(f) Subsections (a) and (b) do not apply to limit the liability of a secured party to a person if, at the time the secured party obtains control of collateral that is a controllable account, controllable electronic record, or controllable payment intangible or at the time the security interest attaches to the collateral, whichever is later:
(1) the person is a debtor or obligor; and
(2) the secured party knows that the information in subsection (b)(1)(A), (b)(1)(B), or (b)(1)(C) relating to the person is not provided by the collateral, a record attached to or logically associated with the collateral, or the system in which the collateral is recorded.
As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.88.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-702. Savings Clause

Sec. 702. (a) Except as otherwise provided in this section through section 709 of this chapter, IC 26-1-9.1 applies to a transaction or lien within its scope, even if the transaction or lien was entered into or created before IC 26-1-9.1 takes effect.
(b) Except as otherwise provided in subsection (c) and IC 26-1-9.1-703 through IC 26-1-9.1-709:
(1) transactions and liens that were not governed by IC 26-1-9, before its repeal, were validly entered into or created before IC 26-1-9.1 takes effect, and would be subject to IC 26-1-9.1 if they had been entered into or created after IC 26-1-9.1 takes effect, and the rights, duties, and interests flowing from those transactions and liens remain valid after IC 26-1-9.1 takes effect; and
(2) the transactions and liens may be terminated, completed, consummated, and enforced as required or permitted by IC 26-1-9.1 or by the law that otherwise would apply if IC 26-1-9.1 had not taken effect.
(c) IC 26-1-9.1 does not affect an action, case, or proceeding commenced before IC 26-1-9.1 takes effect.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-703. Security Interest Perfected Before Effective Date

Sec. 703. (a) A security interest that is enforceable immediately before IC 26-1-9.1 takes effect and would have priority over the rights of a person that becomes a lien creditor at that time is a perfected security interest under IC 26-1-9.1 if, when IC 26-1-9.1 takes effect, the applicable requirements for enforceability and perfection under IC 26-1-9.1 are satisfied without further action.
(b) Except as otherwise provided in IC 26-1-9.1-705, if, immediately before IC 26-1-9.1 takes effect, a security interest is enforceable and would have priority over the rights of a person that becomes a lien creditor at that time, but the applicable requirements for enforceability or perfection under IC 26-1-9.1 are not satisfied when IC 26-1-9.1 takes effect, the security interest:
(1) is a perfected security interest for one (1) year after IC 26-1-9.1 takes effect;
(2) remains enforceable thereafter only if the security interest becomes enforceable under IC 26-1-9.1-203 before the year expires; and
(3) remains perfected thereafter only if the applicable requirements for perfection under IC 26-1-9.1 are satisfied before the year expires.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-704. Security Interest Unperfected Before Effective Date

Sec. 704. A security interest that is enforceable immediately before IC 26-1-9.1 takes effect but which would be subordinate to the rights of a person that becomes a lien creditor at that time:
(1) remains an enforceable security interest for one (1) year after IC 26-1-9.1 takes effect;
(2) remains enforceable thereafter if the security interest becomes enforceable under IC 26-1-9.1-203 when IC 26-1-9.1 takes effect or within one (1) year thereafter; and
(3) becomes perfected:
(A) without further action, when IC 26-1-9.1 takes effect if the applicable requirements for perfection under IC 26-1-9.1 are satisfied before or at that time; or
(B) when the applicable requirements for perfection are satisfied if the requirements are satisfied after that time.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-705. Effectiveness of Action Taken Before Effective Date

Sec. 705. (a) If action, other than the filing of a financing statement, is taken before IC 26-1-9.1 takes effect and the action would have resulted in priority of a security interest over the rights of a person that becomes a lien creditor had the security interest become enforceable before IC 26-1-9.1 takes effect, the action is effective to perfect a security interest that attaches under IC 26-1-9.1 within one (1) year after IC 26-1-9.1 takes effect. An attached security interest becomes unperfected one (1) year after IC 26-1-9.1 takes effect unless the security interest becomes a perfected security interest under IC 26-1-9.1 before the expiration of that period.
(b) The filing of a financing statement before IC 26-1-9.1 takes effect is effective to perfect a security interest to the extent the filing would satisfy the applicable requirements for perfection under IC 26-1-9.1.
(c) IC 26-1-9.1 does not render ineffective an effective financing statement that is filed before IC 26-1-9.1 takes effect and satisfied the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in IC 26-1-9-103, before its repeal. However, except as otherwise provided in subsections (d) and (e) and IC 26-1-9.1-706, the financing statement ceases to be effective at the earlier of:
(1) the time the financing statement would have ceased to be effective under the law of the jurisdiction in which it is filed; or
(2) June 30, 2006.
(d) The filing of a continuation statement after IC 26-1-9.1 takes effect does not continue the effectiveness of the financing statement filed before IC 26-1-9.1 takes effect. However, upon the timely filing of a continuation statement after IC 26-1-9.1 takes effect and in accordance with the law of the jurisdiction governing perfection as provided in IC 26-1-9.1-301 through IC 26-1-9.1-342, the effectiveness of a financing statement filed in the same office in that jurisdiction before IC 26-1-9.1 takes effect continues for the period provided by the law of that jurisdiction.
(e) Subsection (c)(2) applies to a financing statement that is filed against a transmitting utility before IC 26-1-9.1 takes effect and satisfied the applicable requirements for perfection under the law of the jurisdiction governing perfection as provided in IC 26-1-9-103, before its repeal, only to the extent that IC 26-1-9.1-301 through IC 26-1-9.1-342 provide that the law of a jurisdiction other than jurisdiction in which the financing statement is filed governs perfection of a security interest in collateral covered by the financing statement.
(f) A financing statement that includes a financing statement filed before IC 26-1-9.1 takes effect and a continuation statement filed after IC 26-1-9.1 takes effect is effective only to the extent that it satisfies the requirements of IC 26-1-9.1-501 through IC 26-1-9.1-527 for an initial financing statement.
As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.20.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-706. Filing of Initial Financing Statement; Effectiveness of Financing Statement

Sec. 706. (a) The filing of an initial financing statement in the office specified in IC 26-1-9.1-501 continues the effectiveness of a financing statement filed before IC 26-1-9.1 takes effect if:
(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under IC 26-1-9.1;
(2) the pre-effective-date financing statement was filed in an office in another state or another office in this state; and
(3) the initial financing statement satisfies subsection (c).
(b) The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective date financing statement if the initial financing statement is filed:
(1) before IC 26-1-9.1 takes effect, for the period provided in IC 26-1-9-403 (before its repeal) for a financing statement; and
(2) after IC 26-1-9.1 takes effect, for the period provided in IC 26-1-9.1-515 for an initial financing statement.
(c) To be effective for purposes of subsection (a), an initial financing statement must:
(1) satisfy the requirements of IC 26-1-9.1-501 through IC 26-1-9.1-526 for an initial financing statement;
(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the pre-effective-date financing statement remains effective.
As added by P.L.57-2000, SEC.45. Amended by P.L.1-2007, SEC.183.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-707. Pre-Effective-Date Financing Statement

Sec. 707. (a) In this section, "pre-effective-date financing statement" means a financing statement filed before IC 26-1-9.1 takes effect.
(b) After IC 26-1-9.1 takes effect, 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 under IC 26-1-9.1-301 through IC 26-1-9.1-342. 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 Indiana law governs perfection of a security interest, the information in a pre-effective-date financing statement may be amended after IC 26-1-9.1 takes effect 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 26-1-9.1-706(c); or
(3) an initial financing statement that provides the information as amended and satisfies IC 26-1-9.1-706(c) is filed in the office specified in IC 26-1-9.1-501.
(d) If Indiana law governs the perfection of a security interest, the effectiveness of a pre-effective-date financing statement may be continued only under IC 26-1-9.1-705(d) and IC 26-1-9.1-705(f) or IC 26-1-9.1-706.
(e) Whether or not Indiana law governs perfection of a security interest, the effectiveness of a pre-effective-date financing statement filed in Indiana may be terminated after IC 26-1-9.1 takes effect 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 26-1-9.1-706(c) has been filed in the office specified by the law of the jurisdiction governing perfection in IC 26-1-9.1-301 through IC 26-1-9.1-342 as the office in which to file a financing statement.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-708. Persons Entitled to File Initial Financing Statement or Continuation Statement

Sec. 708. A person may file an initial financing statement or a continuation statement under IC 26-1-9.1-701 through IC 26-1-9.1-709 if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under IC 26-1-9.1-701 through IC 26-1-9.1-709:
(A) to continue the effectiveness of a financing statement filed before IC 26-1-9.1 takes effect; or
(B) to perfect or continue the perfection of a security interest.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-709. Priority

Sec. 709. (a) IC 26-1-9, before its repeal, determines the priority of conflicting claims to collateral if the relative priorities of the claims were established before IC 26-1-9.1 takes effect. In other cases, IC 26-1-9.1 determines priority.
(b) For purposes of IC 26-1-9.1-322(a), the priority of a security interest that becomes enforceable under IC 26-1-9.1-203 dates from the time IC 26-1-9.1 takes effect if the security interest is perfected under IC 26-1-9.1 by the filing of a financing statement before IC 26-1-9.1 takes effect which would not have been effective to perfect the security interest under IC 26-1-9, before its repeal. This subsection does not apply to conflicting security interests each of which is perfected by the filing of such a financing statement.
As added by P.L.57-2000, SEC.45.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-801. Transactions or Liens Entered Into or Created Before July 1, 2013

Sec. 801. (a) Except as otherwise provided in this section through IC 26-1-9.1-808, amendments to this chapter made by P.L.54-2011 apply to a transaction or lien with its scope, even if the transaction or lien was entered into or created before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013).
(b) The amendments to this chapter made by P.L.54-2011 do not affect an action, case, or proceeding commenced before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013).
As added by P.L.54-2011, SEC.20. Amended by P.L.6-2012, SEC.178.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-802. Security Interest Perfected Before July 1, 2013

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.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-803. Security Interest Unperfected Before July 1, 2013

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.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-805. When Initial Financing Statement Suffices to Continue Effectiveness of Financing Statement

Sec. 805. (a) The filing of an initial financing statement in the office specified in IC 26-1-9.1-501 continues the effectiveness of a financing statement filed before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013) if:
(1) the filing of an initial financing statement in that office would be effective to perfect a security interest under this chapter, as amended by P.L.54-2011;
(2) the pre-effective-date financing statement was filed in an office in another state; and
(3) the initial financing statement satisfies subsection (c).
(b) The filing of an initial financing statement under subsection (a) continues the effectiveness of the pre-effective-date financing statement:
(1) if the initial financing statement is filed before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013), for the period provided in IC 26-1-9.1-515, before it was amended by P.L.54-2011, with respect to an initial financing statement; and
(2) if the initial financing statement is filed after the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013), for the period provided in IC 26-1-9.1-515, as amended by P.L.54-2011 with respect to an initial financing statement.
(c) To be effective for purposes of subsection (a), an initial financing statement must:
(1) satisfy the requirements of IC 26-1-9.1-501 through IC 26-1-9.1-527, as amended by P.L.54-2011 for an initial financing statement;
(2) identify the pre-effective-date financing statement by indicating the office in which the financing statement was filed and providing the dates of filing and file numbers, if any, of the financing statement and of the most recent continuation statement filed with respect to the financing statement; and
(3) indicate that the pre-effective-date financing statement remains effective.
As added by P.L.54-2011, SEC.24. Amended by P.L.6-2012, SEC.182.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-806. Amendment of Financing Statement Filed Before July 1, 2013

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.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-807. Person Entitled to File Initial Financing Statement or Continuation Statement

Sec. 807. A person may file an initial financing statement or a continuation statement under this chapter if:
(1) the secured party of record authorizes the filing; and
(2) the filing is necessary under this chapter:
(A) to continue the effectiveness of a financing statement filed before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013); or
(B) to perfect or continue the perfection of a security interest.
As added by P.L.54-2011, SEC.26. Amended by P.L.6-2012, SEC.184.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-808. Priority

Sec. 808. The amendments to this chapter made by P.L.54-2011 determine the priority of conflicting claims to collateral. However, if the relative priorities of the claims were established before the amendments to this chapter made by P.L.54-2011 take effect (July 1, 2013), this chapter, as it existed before amendments to this chapter made by P.L.54-2011, determines priority.
As added by P.L.54-2011, SEC.27. Amended by P.L.6-2012, SEC.185.
2023 Indiana Code › Title 26. Commercial Law › Article 1. Uniform Commercial Code › Chapter 9.1. Secured Transactions › 26-1-9.1-901. Refusal to Accept Financing Statements; Fraudulent Financing Statements; No Duty to Inspect Financing Statements

Sec. 901. (a) If a person presents a financing statement to the secretary of state for filing or recording, the secretary of state may refuse to accept the financing statement for filing or recording if:
(1) the financing statement is not required or authorized to be filed or recorded with the secretary of state; or
(2) the secretary of state has reasonable cause to believe the financing statement is materially false or fraudulent.
(b) A fraudulent financing statement that the secretary of state may refuse to accept includes the following:
(1) Any financing statement that has the same name listed as both the debtor and the secured party.
(2) Any financing statement that identifies an individual debtor as a transmitting utility.
(3) Any financing statement that is determined to be intended for an improper purpose, such as hindering, harassing, or wrongfully interfering with another person or entity.
(4) Any financing statement that is filed:
(A) without the consent or participation of the:
(i) obligor named in the financing statement;
(ii) person named in the financing statement as debtor; and
(iii) owner of collateral described or indicated in the financing statement; or
(B) by consent of an agent, a fiduciary, or another representative of the secured party of record without the consent of the secured party.
(5) Any financing statement that is forged.
(c) The secretary of state does not have a duty to inspect, evaluate, or investigate a financing statement that is presented for filing or recording.
As added by P.L.86-2013, SEC.3.