§ 26-1-9.1-514 — Assignment of powers of secured party of record

Indiana § 26-1-9.1-514

• 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), an initial financing statement may reflect an assignment
of all of the secured party's power to authorize an amendment to the
financing statement by providing the name and mailing address of the
assignee as the name and address of the secured party.
(b) Except as otherwise provided in subsection (c), a secured party
of record may assign of record all or part of its power to authorize an
amendment to a financing statement by filing in the filing office an
amendment of the financing statement which:
(1) identifies, by its file number, the initial financing statement to
which it relates;
(2) provides the name of the assignor; and
(3) provides the name and mailing address of the assignee.
(c) An assignment of record of a security interest in a fixture
covered by a record of a mortgage which is effective as a financing
statement filed as a fixture filing under IC 26-1-9.1-502(c) may be
made only by an assignment of record of the mortgage in the manner
provided by law of this state other than IC 26-1.

Legislative History

As added by P.L.57-2000, SEC.45.