Sec. 107. (a) Except as provided in subsection (b), the local law of an electronic record's jurisdiction governs a matter covered by this chapter. (b) For a controllable electronic record that evidences a controllable account or a controllable payment intangible, the local law of the controllable electronic record's jurisdiction governs a matter covered by section 106 of this chapter unless an effective agreement determines that the local law of another jurisdiction governs. (c) The following rules determine a controllable electronic record's jurisdiction under this section: (1) If the controllable electronic record, or a record that is attached to or logically associated with the controllable electronic record and that is readily available for review, expressly provides that a particular jurisdiction is the controllable electronic record's jurisdiction for purposes of this chapter or IC 26-1 , that jurisdiction is the controllable electronic record's jurisdiction. (2) If subdivision (1) does not apply, and the rules of the system in which the controllable electronic record is recorded are readily available for review and expressly provide that a particular jurisdiction is the controllable electronic record's jurisdiction for purposes of this chapter or IC 26-1 , that jurisdiction is the controllable electronic record's jurisdiction. (3) If subdivisions (1) and (2) do not apply, and the controllable electronic record, or a record that is attached to or logically associated with the controllable electronic record and that is readily available for review, expressly provides that the controllable electronic record is governed by the law of a particular jurisdiction, that jurisdiction is the controllable electronic record's jurisdiction. (4) If subdivisions (1) through (3) do not apply, and the rules of the system in which the controllable electronic record is recorded are readily available for review and expressly provide that the controllable electronic record or the system is governed by the law of a particular jurisdiction, that jurisdiction is the controllable electronic record's jurisdiction. (5) If subdivisions (1) through (4) do not apply, the controllable electronic record's jurisdiction is the District of Columbia. (d) If subsection (c)(5) applies and this chapter is not in effect in the District of Columbia without material modification, the governing law for a matter covered by this chapter is the law of the District of Columbia as though this chapter were in effect in the District of Columbia without material modification. (e) To the extent that subsections (a) and (b) provide that the local law of the controllable electronic record's jurisdiction governs a matter covered by this chapter, that law governs even if the matter or a transaction to which the matter relates does not bear any relation to the controllable record's jurisdiction. (f) The rights acquired under section 104 of this chapter by a purchaser or a qualifying purchaser are governed by the law applicable under this section at the time of purchase. IC 26-1-12.5 Chapter 12.5. Transitional Provisions For Uniform Commercial Code Amendments (2022) 26-1-12.5-101 Citation of statute 26-1-12.5-102 Definitions; applicability of definitions concerning secured transactions; applicability of general definitions and principles of construction and interpretation 26-1-12.5-201 Validity of transactions entered into before July 1, 2023 26-1-12.5-301 Transaction, lien, or interest entered into, created, or acquired before July 1, 2023; validity; applicability of act; existing actions, cases, or proceedings not affected 26-1-12.5-302 Security interest enforceable and perfected on June 30, 2023; conditions and time frame for continued enforceability and perfection after June 30, 2023 26-1-12.5-303 Security interest enforceable but unperfected on June 30, 2023; conditions and time frame for continued enforceability; conditions and effective date for perfection 26-1-12.5-304 Action other than filing taken before July 1, 2023, to perfect security interest; perfection effective until adjustment date; conditions for effectiveness of financing statement filed before July 1, 2023, to perfect security interest; sufficiency of action taken before July 1, 2023, with respect to enforceability 26-1-12.5-305 Determination of priority of conflicting claims to collateral 26-1-12.5-306 Determination of priority of conflicting claims to controllable accounts, controllable electronic records, and controllable payment intangibles
‹ Prev All Indiana sections Next ›
Lexace provides legal information, not legal advice, and no attorney–client relationship is created. Statute text is provided for general information and may not reflect the most recent amendments; verify against the official state code.