Indiana § 26-1-9.1-621 Acceptance of collateral in full or partial satisfaction of obligation;
notification of proposal

Indiana Statutes

§ 26-1-9.1-621 — Acceptance of collateral in full or partial satisfaction of obligation; notification of proposal

Indiana § 26-1-9.1-621

Title 26COMMERCIAL LAW

Art. 1UNIFORM COMMERCIAL CODE

Ch. 9.1Secured Transactions

This text of Indiana § 26-1-9.1-621 (Acceptance of collateral in full or partial satisfaction of obligation; notification of proposal) 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 § 26-1-9.1-621 (2026).

Text

(a)A secured party that desires to accept collateral in full or partial satisfaction of the obligation it secures shall send its proposal to:

(1)any person from which the secured party has received, before the debtor consented to the acceptance, a signed notification of a claim of an interest in the collateral;

(2)any other secured party or lienholder that, ten (10) days before the debtor consented to the acceptance, held a security interest in or other lien on the collateral perfected by the filing of a financing statement that:

(A)identified the collateral;

(B)was indexed under the debtor's name as of that date; and

(C)was filed in the office or offices in which to file a financing statement against the debtor covering the collateral as of that date; and

(3)any other secured party

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(a) A secured party that desires to accept
collateral in full or partial satisfaction of the obligation it secures shall
send its proposal to:
(1) any person from which the secured party has received, before
the debtor consented to the acceptance, a signed notification of a
claim of an interest in the collateral;
(2) any other secured party or lienholder that, ten (10) days before
the debtor consented to the acceptance, held a security interest in
or other lien on the collateral perfected by the filing of a financing
statement that:
(A) identified the collateral;
(B) was indexed under the debtor's name as of that date; and
(C) was filed in the office or offices in which to file a financing
statement against the debtor covering the collateral as of that
date; and
(3) any other secured party that, ten (10) days before the debtor
consented to the acceptance, 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).
(b) A secured party that desires to accept collateral in partial
satisfaction of the obligation it secures shall send its proposal to any
secondary obligor in addition to the persons described in subsection
(a).