§ 26-1-9.1-208 — Additional duties of secured party having control of collateral

Indiana § 26-1-9.1-208

• Jurisdiction: Indiana
• Title 26: COMMERCIAL LAW
• Art. 1: UNIFORM COMMERCIAL CODE
• Ch. 9.1: Secured Transactions

Text

(a) This section applies to cases in which
there is no outstanding secured obligation, and the secured party is not
committed to make advances, incur obligations, or otherwise give
value.
(b) Within ten (10) days after receiving a signed demand by the
debtor:
(1) a secured party having control of a deposit account under IC 26-1-9.1-104(a)(2) shall send to the bank with which the deposit
account is maintained a signed record that releases the bank from
any further obligation to comply with instructions originated by
the secured party;
(2) a secured party having control of a deposit account under IC 26-1-9.1-104(a)(3) shall:
(A) pay the debtor the balance on deposit in the deposit
account; or
(B) transfer the balance on deposit into a deposit account in the
debtor's name;
(3) a secured party, other than a buyer, having control under
section 105 of this chapter of an authoritative electronic copy of
a record evidencing chattel paper shall transfer control of the
electronic copy to the debtor or a person designated by the debtor;
(4) a secured party having control of investment property under
IC 26-1-8.1-106(d)(2) or IC 26-1-9.1-106(b) shall send to the
securities intermediary or commodity intermediary with which the
security entitlement or commodity contract is maintained a signed
record that releases the securities intermediary or commodity
intermediary from any further obligation to comply with
entitlement orders or directions originated by the secured party;
(5) a secured party having control of a letter-of-credit right under
IC 26-1-9.1-107 shall send to each person having an unfulfilled
obligation to pay or deliver proceeds of the letter of credit to the
secured party a signed release from any further obligation to pay
or deliver proceeds of the letter of credit to the secured party;
(6) a secured party having control under IC 26-1-7-106 of an
authoritative electronic copy of an electronic document of title
shall transfer control of the electronic copy to the debtor or a
person designated by the debtor; and
(7) a secured party having control under IC 26-1-12-105 of a
controllable electronic record, other than a buyer of a controllable
account or controllable payment intangible evidenced by the
controllable electronic record, shall transfer control of the
controllable electronic record to the debtor or a person designated
by the debtor.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.143-2007, SEC.68; P.L.199-2023, SEC.48.