§ 26-1-9.1-305 — Law governing perfection and priority of security interests in investment property

Indiana § 26-1-9.1-305

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

Text

(a) Except as otherwise provided in
subsection (c), the following rules apply:
(1) While a security certificate 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 the certificated security represented thereby.
(2) The local law of the issuer's jurisdiction as specified in IC 26-1-8.1-110(d) governs perfection, the effect of perfection or
nonperfection, and the priority of a security interest in an
uncertificated security.
(3) The local law of the securities intermediary's jurisdiction as
specified in IC 26-1-8.1-110(e) governs perfection, the effect of
perfection or nonperfection, and the priority of a security interest
in a security entitlement or securities account.
(4) The local law of the commodity intermediary's jurisdiction
governs perfection, the effect of perfection or nonperfection, and
the priority of a security interest in a commodity contract or
commodity account.
(5) Subdivisions (2) through (4) apply even if the transaction does
not bear any relation to the jurisdiction.
(b) The following rules determine a commodity intermediary's
jurisdiction for purposes of IC 26-1-9.1-301 through IC 26-1-9.1-342:
(1) If an agreement between the commodity intermediary and
commodity customer governing the commodity account expressly
provides that a particular jurisdiction is the commodity
intermediary's jurisdiction for purposes of IC 26-1, that
jurisdiction is the commodity intermediary's jurisdiction.
(2) If subdivision (1) does not apply, and an agreement between
the commodity intermediary and commodity customer governing
the commodity account expressly provides that the agreement is
governed by the law of a particular jurisdiction, that jurisdiction
is the commodity intermediary's jurisdiction.
(3) If neither subdivision (1) nor subdivision (2) applies, and an
agreement between the commodity intermediary and commodity
customer governing the commodity account expressly provides
that the commodity account is maintained at an office in a
particular jurisdiction, that jurisdiction is the commodity
intermediary's jurisdiction.
(4) If none of the preceding subdivisions apply, the commodity
intermediary's jurisdiction is the jurisdiction in which the office
identified in an account statement as the office serving the
commodity customer's account is located.
(5) If none of the preceding subdivisions apply, the commodity
intermediary's jurisdiction is the jurisdiction in which the chief
executive office of the commodity intermediary is located.
(c) The local law of the jurisdiction in which the debtor is located
governs:
(1) perfection of a security interest in investment property by
filing;
(2) automatic perfection of a security interest in investment
property created by a broker or securities intermediary; and
(3) automatic perfection of a security interest in a commodity
contract or commodity account created by a commodity
intermediary.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.165-2001, SEC.3; P.L.199-2023, SEC.53.