§ 26-1-9.1-301 — Law governing perfection, effect of perfection or nonperfection, and priority of security interests in collateral

Indiana § 26-1-9.1-301

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

Text

Except as otherwise provided in IC 26-1-9.1-303 through IC 26-1-9.1-306.2, the following rules determine
the law governing perfection, the effect of perfection or nonperfection,
and the priority of a security interest in collateral:
(1) Except as otherwise provided in this section, while a debtor is
located in a jurisdiction, the local law of that jurisdiction governs
perfection, the effect of perfection or nonperfection, and the
priority of a security interest in collateral.
(2) While collateral is located in a jurisdiction, the local law of
that jurisdiction governs perfection, the effect of perfection or
nonperfection, and the priority of a possessory security interest in
that collateral.
(3) Except as otherwise provided in subdivision (4), while
negotiable tangible documents, goods, instruments, or money is
located in a jurisdiction, the local law of that jurisdiction governs:
(A) perfection of a security interest in the goods by filing a
fixture filing;
(B) perfection of a security interest in timber to be cut; and
(C) the effect of perfection or nonperfection and the priority of
a nonpossessory security interest in the collateral.
(4) The local law of the jurisdiction in which the wellhead or
minehead is located governs perfection, the effect of perfection or
nonperfection, and the priority of a security interest in
as-extracted collateral.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.143-2007, SEC.69; P.L.199-2023, SEC.51.