§ 26-1-9.1-611 — Notification by secured party of disposition of collateral

Indiana § 26-1-9.1-611

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

Text

(a) As used in this section, "notification
date" means the earlier of the date on which:
(1) a secured party sends to the debtor and any secondary obligor
a signed notification of disposition; or
(2) the debtor and any secondary obligor waive the right to
notification.
(b) Except as otherwise provided in subsection (d), a secured party
that disposes of collateral under IC 26-1-9.1-610 shall send to the
persons specified in subsection (c) a reasonable signed notification of
disposition.
(c) To comply with subsection (b), the secured party shall send a
signed notification of disposition to:
(1) the debtor;
(2) any secondary obligor; and
(3) if the collateral is other than consumer goods:
(A) any other person from which the secured party has
received, before the notification date, a signed notification of a
claim of an interest in the collateral;
(B) any other secured party or lienholder that, ten (10) days
before the notification date, held a security interest in or other
lien on the collateral perfected by the filing of a financing
statement that:
(i) identified the collateral;
(ii) was indexed under the debtor's name as of that date; and
(iii) was filed in the office in which to file a financing
statement against the debtor covering the collateral as of that
date; and
(C) any other secured party that, ten (10) days before the
notification date, held a security interest in the collateral
perfected by compliance with a statute, regulation, or treaty
described in IC 26-1-9.1-311(a).
(d) Subsection (b) does not apply if the collateral is perishable or
threatens to decline speedily in value or is of a type customarily sold on
a recognized market.
(e) A secured party complies with the requirement for notification
prescribed in subsection (c)(3)(B) if:
(1) not later than twenty (20) days or earlier than thirty (30) days
before the notification date, the secured party requests, in a
commercially reasonable manner, information concerning
financing statements indexed under the debtor's name in the office
indicated in subsection (c)(3)(B); and
(2) before the notification date, the secured party:
(A) did not receive a response to the request for information; or
(B) received a response to the request for information and sent
a signed notification of disposition to each secured party or
other lienholder named in that response whose financing
statement covered the collateral.

Legislative History

As added by P.L.57-2000, SEC.45. Amended by P.L.199-2023, SEC.79.