Sec. 511. (a) Except as otherwise provided in subsections (b) and (c), if a securities intermediary does not have sufficient interests in a particular financial asset to satisfy both its obligations to entitlement holders who have security entitlements to that financial asset and its obligation to a creditor of the securities intermediary who has a security interest in that financial asset, the claims of entitlement holders, other than the creditor, have priority over the claim of the creditor. (b) A claim of a creditor of a securities intermediary who has a security interest in a financial asset held by a securities intermediary has priority over claims of the securities intermediary's entitlement holders who have security entitlements with respect to that financial asset if the creditor has control over the financial asset. (c) If a clearing corporation does not have sufficient financial assets to satisfy both its obligations to entitlement holders who have security entitlements with respect to a financial asset and its obligation to a creditor of the clearing corporation who has a security interest in that financial asset, the claim of the creditor has priority over the claims of entitlement holders. IC 26-1-9 Chapter 9. Repealed IC 26-1-9.1 Chapter 9.1. Secured Transactions 26-1-9.1-101 Short title 26-1-9.1-102 Definitions and index of definitions; principles of construction and interpretation 26-1-9.1-102.5 "Take free"; "takes free"; "takes the money free"; "takes the funds free" 26-1-9.1-103 Purchase-money security interest; application of payment; burden of establishing 26-1-9.1-104 Control of deposit account 26-1-9.1-105 Control of authoritative electronic copy of a record evidencing chattel paper; exclusive power; control on behalf of purchaser 26-1-9.1-106 Control of investment property 26-1-9.1-107 Control of letter-of-credit right 26-1-9.1-107.1 Control of controllable electronic record, controllable account, or controllable payment intangible 26-1-9.1-107.2 Control on behalf of another person; deposit accounts and authoritative electronic copies of record evidencing chattel paper; acknowledgment not required 26-1-9.1-108 Sufficiency of description 26-1-9.1-109 Scope 26-1-9.1-110 Security interests arising under IC 26-1-2 or IC 26-1-2.1 26-1-9.1-201 General effectiveness of security agreement 26-1-9.1-202 Title to collateral immaterial 26-1-9.1-203 Attachment and enforceability of security interest; requirements; rights to proceeds; security interest in right to payment or performance 26-1-9.1-204 Security interest in after-acquired collateral; exceptions; future advances; proceeds 26-1-9.1-205 Use or disposition of collateral permissible 26-1-9.1-206 Security interest arising in purchase or delivery of financial asset 26-1-9.1-207 Rights and duties of secured party having possession or control of collateral 26-1-9.1-208 Additional duties of secured party having control of collateral 26-1-9.1-209 Duties of secured party if account debtor has been notified of assignment 26-1-9.1-210 Request for accounting; request regarding list of collateral or statement of account 26-1-9.1-301 Law governing perfection, effect of perfection or nonperfection, and priority of security interests in collateral 26-1-9.1-302 Law governing perfection and priority of agricultural liens 26-1-9.1-303 Law governing perfection and priority of security interests in goods covered by a certificate of title 26-1-9.1-304 Law governing perfection, effect of perfection or nonperfection, and priority of security interests in deposit accounts; determination of bank's jurisdiction 26-1-9.1-305 Law governing perfection and priority of security interests in investment property 26-1-9.1-306 Law governing perfection and priority of security interests in letter-of-credit rights 26-1-9.1-306.1 Law governing perfection, effect of perfection or nonperfection, and priority of security interests in chattel paper; chattel paper's jurisdiction 26-1-9.1-306.2 Law governing perfection, effect of perfection or nonperfection, and priority of security interests in controllable electronic records, controllable accounts, and controllable payment intangibles 26-1-9.1-307 Location of debtor 26-1-9.1-308 When security interest or agricultural lien is perfected; continuity of perfection 26-1-9.1-309 Security interest perfected upon attachment 26-1-9.1-310 When filing required to perfect security interest or agricultural lien; security interests and agricultural liens to which filing provisions do not apply 26-1-9.1-311 Perfection of security interests in property subject to certain statutes, regulations, and treaties 26-1-9.1-312 Perfection by permissive filing; perfection only by control or possession; temporary perfection without filing or transfer of possession 26-1-9.1-313 When possession by or delivery to secured party perfects security interest without filing 26-1-9.1-314 Perfection by control 26-1-9.1-314.1 Perfection of security interest in chattel paper by possession or control 26-1-9.1-315 Secured party's rights on disposition of collateral and in proceeds 26-1-9.1-316 Continued perfection of security interest following change in governing law 26-1-9.1-317 Interests that take priority over or take free of unperfected security interest or agricultural lien 26-1-9.1-318 No interest retained in right to payment that is sold; rights and title of seller of account or chattel paper with respect to creditors and purchasers 26-1-9.1-319 Rights and title of consignee with respect to creditors and purchasers 26-1-9.1-320 Buyer of goods 26-1-9.1-321 Licensee of general intangible and lessee of goods in ordinary course of business 26-1-9.1-322 Priorities among conflicting security interests in and agricultural liens on same collateral 26-1-9.1-323 Future advances 26-1-9.1-324 Priority of purchase-money security interests 26-1-9.1-325 Priority of security interests in transferred collateral 26-1-9.1-326 Priority of security interests created by new debtor 26-1-9.1-326.1 Priority of security interest in controllable account, controllable electronic record, or controllable payment intangible 26-1-9.1-327 Priority of security interests in deposit account 26-1-9.1-328 Priority of security interests in investment property 26-1-9.1-329 Priority of security interests in letter-of-credit rights 26-1-9.1-330 Priority of purchases of chattel paper or instrument 26-1-9.1-331 Priority of rights of holders or purchasers; persons protected against adverse claims; filing not considered notice of claim or defense 26-1-9.1-332 Transferee of money or of funds from a deposit account 26-1-9.1-333 Priority of certain liens arising by operation of law 26-1-9.1-334 Priority of security interests in fixtures and crops 26-1-9.1-335 Accessions 26-1-9.1-336 Commingled goods 26-1-9.1-337 Priority of security interests in goods covered by certificate of title 26-1-9.1-338 Priority of security interest or agricultural lien perfected by filed financing statement providing certain incorrect information 26-1-9.1-339 Priority subject to subordination 26-1-9.1-340 Effectiveness of right of recoupment or setoff against deposit account 26-1-9.1-341 Bank's rights and duties with respect to deposit account subject to security interest 26-1-9.1-342 Bank's right to refuse to enter into or disclose existence of control agreement 26-1-9.1-401 Alienability of debtor's rights 26-1-9.1-402 Secured party not obligated on contract of debtor or in tort 26-1-9.1-403 Agreement not to assert defenses against assignee 26-1-9.1-404 Rights acquired by assignee; claims and defenses against assignee 26-1-9.1-405 Modification of assigned contract 26-1-9.1-406 Accounts, chattel paper, and payment intangibles; notification of assignment; discharge of account debtor's obligation; proof of assignment; restrictions on assignment ineffective; exceptions 26-1-9.1-407 Restrictions on creation or enforcement of security interest in leasehold interest or in lessor's residual interest 26-1-9.1-408 Promissory notes, health care insurance receivables, and general intangibles; restrictions on assignment or security interest ineffective; exception 26-1-9.1-409 Restrictions on assignment of letter-of-credit rights ineffective 26-1-9.1-501 Filing office 26-1-9.1-502 Contents of financing statement; record of mortgage as financing statement; time of filing financing statement 26-1-9.1-503 Name of debtor and secured party 26-1-9.1-504 Indication of collateral 26-1-9.1-505 Filing and compliance with other statutes and treaties for consignments, leases, other bailments, and other transactions 26-1-9.1-506 Effect of errors or omissions 26-1-9.1-507 Effect of certain events on effectiveness of financing statement 26-1-9.1-508 Effectiveness of financing statement if new debtor becomes bound by security agreement 26-1-9.1-509 Persons entitled to file initial financing statement or amendment 26-1-9.1-510 Effectiveness of filed record 26-1-9.1-511 Secured party of record 26-1-9.1-512 Amendment of financing statement 26-1-9.1-513 Termination statement for financing statement 26-1-9.1-514 Assignment of powers of secured party of record 26-1-9.1-515 Duration and effectiveness of financing statement; effect of lapsed financing statement 26-1-9.1-516 What constitutes filing; effectiveness of filing 26-1-9.1-517 Effect of indexing errors 26-1-9.1-518 Claim concerning inaccurate or wrongfully filed record 26-1-9.1-519 Numbering, maintaining, and indexing records; communicating information provided in records 26-1-9.1-520 Acceptance and refusal to accept record 26-1-9.1-521 Written record filing; format 26-1-9.1-522 Maintenance and destruction of records 26-1-9.1-523 Information from filing office; sale or license of records 26-1-9.1-524 Delay by filing office 26-1-9.1-525 Fees 26-1-9.1-526 Filing—office rules 26-1-9.1-527 Duty to report 26-1-9.1-601 Rights after default; judicial enforcement; consignor or buyer of accounts, chattel paper, payment intangibles, or promissory notes 26-1-9.1-602 Waiver and variance of rights and duties 26-1-9.1-603 Agreement on standards concerning rights and duties 26-1-9.1-604 Procedure if security agreement covers real property or fixtures 26-1-9.1-605 Unknown debtor or secondary obligor; no duty owed by secured party; exception for controllable account, controllable electronic record, or controllable payment intangible 26-1-9.1-606 Time of default for agricultural lien 26-1-9.1-607 Collection and enforcement by secured party 26-1-9.1-608 Application of proceeds of collection or enforcement; liability for deficiency and right to surplus 26-1-9.1-609 Secured party's right to take possession after default 26-1-9.1-610 Disposition of collateral after default 26-1-9.1-611 Notification by secured party of disposition of collateral 26-1-9.1-612 Timeliness of notification before disposition of collateral 26-1-9.1-613 Contents and form of notification before disposition of collateral; transaction other than consumer-goods transaction 26-1-9.1-614 Contents and form of notification before disposition of collateral; consumer goods transaction 26-1-9.1-615 Application of proceeds of disposition; liability for deficiency and right to surplus 26-1-9.1-616 Explanation of calculation of surplus or deficiency 26-1-9.1-617 Rights of transferee of collateral 26-1-9.1-618 Rights and duties of certain secondary obligors 26-1-9.1-619 Transfer of record or legal title to collateral 26-1-9.1-620 Acceptance of collateral in full or partial satisfaction of obligation; compulsory disposition of collateral 26-1-9.1-621 Acceptance of collateral in full or partial satisfaction of obligation; notification of proposal 26-1-9.1-622 Effect of acceptance of collateral 26-1-9.1-623 Right to redeem collateral 26-1-9.1-624 Debtor's or secondary obligor's waiver of rights regarding disposition or redemption of collateral 26-1-9.1-625 Remedies for secured party's failure to comply with chapter 26-1-9.1-626 Action in which deficiency or surplus is in issue 26-1-9.1-627 Determination of whether conduct was commercially reasonable 26-1-9.1-628 Nonliability and limitation on liability of secured party; exception for controllable accounts, controllable electronic records, and controllable payment intangibles 26-1-9.1-701 Effective date 26-1-9.1-702 Savings clause 26-1-9.1-703 Security interest perfected before effective date 26-1-9.1-704 Security interest unperfected before effective date 26-1-9.1-705 Effectiveness of action taken before effective date 26-1-9.1-706 Filing of initial financing statement; effectiveness of financing statement 26-1-9.1-707 Pre-effective-date financing statement 26-1-9.1-708 Persons entitled to file initial financing statement or continuation statement 26-1-9.1-709 Priority 26-1-9.1-801 Transactions or liens entered into or created before July 1, 2013 26-1-9.1-802 Security interest perfected before July 1, 2013 26-1-9.1-803 Security interest unperfected before July 1, 2013 26-1-9.1-804 Effectiveness of action taken before July 1, 2013 26-1-9.1-805 When initial financing statement suffices to continue effectiveness of financing statement 26-1-9.1-806 Amendment of financing statement filed before July 1, 2013 26-1-9.1-807 Person entitled to file initial financing statement or continuation statement 26-1-9.1-808 Priority 26-1-9.1-901 Refusal to accept financing statements; fraudulent financing statements; no duty to inspect financing statements 26-1-9.1-902 Judicial reviews of financing statements; pro se motions
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