Indiana § 26-1-9.1-338 Priority of security interest or agricultural lien perfected by filed
financing statement providing certain incorrect information

Indiana Statutes

§ 26-1-9.1-338 — Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information

Indiana § 26-1-9.1-338

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-338 (Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information) 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 § 26-1-9.1-338 (2026).

Text

If a security interest or agricultural lien is perfected by a filed financing statement providing information described in IC 26-1-9.1-516(b)(5) that is incorrect at the time the financing statement is filed:

(1)the security interest or agricultural lien is subordinate to a conflicting perfected security interest in the collateral to the extent that the holder of the conflicting security interest gives value in reasonable reliance upon the incorrect information; and

(2)a purchaser, other than a secured party, of the collateral takes free of the security interest or agricultural lien to the extent that, in reasonable reliance upon the incorrect information, the purchaser gives value and, in the case of tangible chattel paper, tangible documents, goods, instruments, or a security certifica

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If a security interest or agricultural lien
is perfected by a filed financing statement providing information
described in IC 26-1-9.1-516(b)(5) that is incorrect at the time the
financing statement is filed:
(1) the security interest or agricultural lien is subordinate to a
conflicting perfected security interest in the collateral to the
extent that the holder of the conflicting security interest gives
value in reasonable reliance upon the incorrect information; and
(2) a purchaser, other than a secured party, of the collateral takes
free of the security interest or agricultural lien to the extent that,
in reasonable reliance upon the incorrect information, the
purchaser gives value and, in the case of tangible chattel paper,
tangible documents, goods, instruments, or a security certificate,
receives delivery of the collateral.