Indiana § 26-1-7-602 Attachment of goods covered by a negotiable document

Indiana Statutes

§ 26-1-7-602 — Attachment of goods covered by a negotiable document

Indiana·Title 26 COMMERCIAL LAW·Art. 1 UNIFORM COMMERCIAL CODE·Ch. 7 Documents of Title

Unless a document of title was originally
issued upon delivery of the goods by a person that did not have power
to dispose of them, a lien does not attach by virtue of any judicial
process to goods in the possession of a bailee for which a negotiable
document of title is outstanding unless possession or control of the
document is first surrendered to the bailee or the document's
negotiation is enjoined. The bailee may not be compelled to deliver the
goods pursuant to process until possession or control of the document
is surrendered to the bailee or the court. A purchaser of the document
for value without notice of the process or injunction takes free of the
lien imposed by judicial process.
Formerly: Acts 1963, c.317, s.7-602. As amended by
P.L.143-2007, SEC.62.

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Unless a document of title was originally
issued upon delivery of the goods by a person that did not have power
to dispose of them, a lien does not attach by virtue of any judicial
process to goods in the possession of a bailee for which a negotiable
document of title is outstanding unless possession or control of the
document is first surrendered to the bailee or the document's
negotiation is enjoined. The bailee may not be compelled to deliver the
goods pursuant to process until possession or control of the document
is surrendered to the bailee or the court. A purchaser of the document
for value without notice of the process or injunction takes free of the
lien imposed by judicial process.
Formerly: Acts 1963, c.317, s.7-602. As amended by
P.L.143-2007, SEC.62.

Indiana § 26-1-7-602 (Attachment of goods covered by a negotiable document) — published by Counsel Stack Legal Research, free access to 12M+ legal documents.