§ 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

Indiana § 26-1-12.5-301

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 12.5: Transitional Provisions For Uniform Commercial

Text

(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.

Legislative History

As added by P.L.199-2023, SEC.91.