Indiana § 26-1-12-102 Definitions; applicability of definitions concerning secured
transactions; applicability of general definitions and principles of
construction and interpretation

Indiana Statutes

§ 26-1-12-102 — Definitions; applicability of definitions concerning secured transactions; applicability of general definitions and principles of construction and interpretation

Indiana·Title 26 COMMERCIAL LAW·Art. 1 UNIFORM COMMERCIAL CODE·Ch. 12 Controllable Electronic Records

(a)In this chapter the following definitions apply:

(1)"Controllable electronic record" means a record stored in an electronic medium that can be subjected to control under section 105 of this chapter. The term does not include a controllable account, a controllable payment intangible, a deposit account, an electronic copy of a record evidencing chattel paper, an electronic document of title, investment property, a transferable record, or an electronic record that is currently authorized or adopted by a domestic or foreign government and is not a medium of exchange that was recorded and transferable in a system that existed and operated for the medium of exchange before the medium of exchange was authorized or adopted by a government.

(2)"Qualifying purchaser" means a purchaser:

(A)of

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(a) In this chapter the following
definitions apply:
(1) "Controllable electronic record" means a record stored in an
electronic medium that can be subjected to control under section
105 of this chapter. The term does not include a controllable
account, a controllable payment intangible, a deposit account, an
electronic copy of a record evidencing chattel paper, an electronic
document of title, investment property, a transferable record, or
an electronic record that is currently authorized or adopted by a
domestic or foreign government and is not a medium of exchange
that was recorded and transferable in a system that existed and
operated for the medium of exchange before the medium of
exchange was authorized or adopted by a government.
(2) "Qualifying purchaser" means a purchaser:
(A) of a controllable electronic record; or
(B) of an interest in a controllable electronic record;
that obtains control of the controllable electronic record for value,
in good faith, and without notice of a claim of a property right in
the controllable electronic record.
(3) "Transferable record" has the meaning set forth in:
(A) Section 201(a)(1) of the Electronic Signatures in Global
and National Commerce Act (15 U.S.C. 7021(a)(1)); or
(B) IC 26-2-8-115(a).
(4) "Value" has the meaning set forth in IC 26-1-3.1-303(a), as if
references in IC 26-1-3.1-303(a) to an "instrument" were
references to a controllable account, a controllable electronic
record, or a controllable payment intangible.
(b) The definitions in IC 26-1-9.1 of "account debtor", "controllable
account", "controllable payment intangible", "chattel paper", "deposit
account", and "investment property" apply throughout this chapter.
(c) The general definitions and principles of construction and
interpretation set forth in IC 26-1-1 apply throughout this chapter.

Indiana § 26-1-12-102 (Definitions; applicability of definitions concerning secured transactions; applicability of general definitions and principles of construction and interpretation) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.