Indiana § 26-1-9.1-304 Law governing perfection, effect of perfection or nonperfection, and
priority of security interests in deposit accounts; determination of
bank's jurisdiction

Indiana Statutes

§ 26-1-9.1-304 — Law governing perfection, effect of perfection or nonperfection, and priority of security interests in deposit accounts; determination of bank's jurisdiction

Indiana § 26-1-9.1-304

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-304 (Law governing perfection, effect of perfection or nonperfection, and priority of security interests in deposit accounts; determination of bank's jurisdiction) is published on Counsel Stack Legal Research, covering Indiana primary law. Counsel Stack provides free access to over 12 million legal documents including statutes, case law, regulations, and constitutions.

Bluebook

Ind. Code § 26-1-9.1-304 (2026).

Text

(a)The local law of a bank's jurisdiction governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a deposit account maintained with that bank even if the transaction does not bear any relation to the bank's jurisdiction.

(b)The following rules determine a bank's jurisdiction for purposes of IC 26-1-9.1-301 through IC 26-1-9.1-342:

(1)If an agreement between the bank and the debtor governing the deposit account expressly provides that a particular jurisdiction is the bank's jurisdiction for purposes of IC 26-1, that jurisdiction is the bank's jurisdiction.

(2)If subdivision (1) does not apply and an agreement between the bank and its customer governing the deposit account expressly provides that the agreement is governed by the law of a

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(a) The local law of a bank's jurisdiction
governs perfection, the effect of perfection or nonperfection, and the
priority of a security interest in a deposit account maintained with that
bank even if the transaction does not bear any relation to the bank's
jurisdiction.
(b) The following rules determine a bank's jurisdiction for purposes
of IC 26-1-9.1-301 through IC 26-1-9.1-342:
(1) If an agreement between the bank and the debtor governing
the deposit account expressly provides that a particular
jurisdiction is the bank's jurisdiction for purposes of IC 26-1, that
jurisdiction is the bank's jurisdiction.
(2) If subdivision (1) does not apply and an agreement between
the bank and its customer governing the deposit account expressly
provides that the agreement is governed by the law of a particular
jurisdiction, that jurisdiction is the bank's jurisdiction.
(3) If neither subdivision (1) nor subdivision (2) applies, and an
agreement between the bank and its customer governing the
deposit account expressly provides that the deposit account is
maintained at an office in a particular jurisdiction, that
jurisdiction is the bank's jurisdiction.
(4) If none of the preceding subdivisions apply, the bank's
jurisdiction is the jurisdiction in which the office identified in an
account statement as the office serving the customer's account is
located.
(5) If none of the preceding subdivisions apply, the bank's
jurisdiction is the jurisdiction in which the chief executive office
of the bank is located.