Indiana § 26-1-9.1-601 Rights after default; judicial enforcement; consignor or buyer of
accounts, chattel paper, payment intangibles, or promissory notes

Indiana Statutes

§ 26-1-9.1-601 — Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes

Indiana § 26-1-9.1-601

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-601 (Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes) 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 § 26-1-9.1-601 (2026).

Text

(a)After default, a secured party has the rights provided in this section through IC 26-1-9.1-628 and, except as otherwise provided in IC 26-1-9.1-602, those provided by agreement of the parties. A secured party:

(1)may reduce a claim to judgment, foreclose, or otherwise enforce the claim, security interest, or agricultural lien by any available judicial procedure; and

(2)if the collateral is documents, may proceed either as to the documents or as to the goods they cover.

(b)A secured party in possession of collateral or control of collateral under IC 26-1-7-106, IC 26-1-9.1-104, IC 26-1-9.1-105, IC 26-1-9.1-106, IC 26-1-9.1-107, or IC 26-1-9.1-107.1 has the rights and duties provided in IC 26-1-9.1-207.

(c)The rights under subsections (a) and (b) are cumulative and may be exercised s

Free access — add to your briefcase to read the full text and ask questions with AI

(a) After default, a secured party has the
rights provided in this section through IC 26-1-9.1-628 and, except as
otherwise provided in IC 26-1-9.1-602, those provided by agreement
of the parties. A secured party:
(1) may reduce a claim to judgment, foreclose, or otherwise
enforce the claim, security interest, or agricultural lien by any
available judicial procedure; and
(2) if the collateral is documents, may proceed either as to the
documents or as to the goods they cover.
(b) A secured party in possession of collateral or control of
collateral under IC 26-1-7-106, IC 26-1-9.1-104, IC 26-1-9.1-105, IC 26-1-9.1-106, IC 26-1-9.1-107, or IC 26-1-9.1-107.1 has the rights and
duties provided in IC 26-1-9.1-207.
(c) The rights under subsections (a) and (b) are cumulative and may
be exercised simultaneously.
(d) Except as otherwise provided in subsection (g) and IC 26-1-9.1-605, after default, a debtor and an obligor have the rights
provided in IC 26-1-9.1-601 through IC 26-1-9.1-628 and by agreement
of the parties.
(e) If a secured party has reduced its claim to judgment, the lien of
any levy that may be made upon the collateral by virtue of an execution
based upon the judgment relates back to the earliest of:
(1) the date of perfection of the security interest or agricultural
lien in the collateral;
(2) the date of filing a financing statement covering the collateral;
or
(3) any date specified in a statute under which the agricultural lien
was created.
(f) A sale pursuant to an execution is a foreclosure of the security
interest or agricultural lien by judicial procedure within the meaning of
this section. A secured party may purchase at the sale and thereafter
hold the collateral free of any other requirements of IC 26-1-9.1.
(g) Except as otherwise provided in IC 26-1-9.1-607(c), IC 26-1-9.1-601 through IC 26-1-9.1-628 impose no duties upon a secured
party that is a consignor or is a buyer of accounts, chattel paper,
payment intangibles, or promissory notes.