§ 27-9-3-19 — Transfers on account of new and contemporaneous consideration

A transfer of property for or on account of a
new and contemporaneous consideration that is considered under
section 17 of this chapter to be made or suffered after the transfer
because of delay in perfecting it does not become a transfer for or on
account of an antecedent debt if any acts required by the applicable law
to be performed in order to perfect the transfer as against liens or bona
fide purchasers' rights are performed within twenty-one (21) days or
any period expressly allowed by the law, whichever is less. A transfer
to secure a future loan or a transfer that becomes security for a future
loan, has the same effect as a transfer for or on account of a new and
contemporaneous consideration.
As added by Acts 1979, P.L.255, SEC.1.