§ 8-1-40.5-14 — Transfer of securitization property

Indiana § 8-1-40.5-14

• Jurisdiction: Indiana
• Art. 1: UTILITIES GENERALLY
• Ch. 40.5: Pilot Program for Cost Securitization for Retired

Text

(a) If an agreement by an electric utility or
an assignee to transfer securitization property expressly states that the
transfer is a sale or is otherwise an absolute transfer:
(1) the resulting transaction:
(A) is a true sale; and
(B) is not a secured transaction; and
(2) title, both legal and equitable, passes to the person to which
the securitization property is transferred.
(b) A transaction resulting from an agreement described in
subsection (a) is a true sale regardless of:
(1) whether the purchaser has any recourse against the seller; or
(2) any other term of the agreement, including the following:
(A) The seller's retention of an equity interest in the
securitization property.
(B) The fact that the electric utility acts as a collector of
securitization charges relating to the securitization property.
(C) The treatment of the transfer as a financing for tax,
financial reporting, or other purposes.

Legislative History

As added by P.L.80-2021, SEC.1.