Ind. Code ch. 26-1-12.5

Ind. Code ch. 26-1-12.5
in effect

Ind. Code § 26-1-12.5-101 Citation of statute

Sec. 101. This chapter may be cited as Transitional Provisions for Uniform Commercial Code Amendments (2022). As added by P.L.199-2023, SEC.91.

Ind. Code § 26-1-12.5-102 Definitions; applicability of definitions concerning secured transactions; applicability of general definitions and principles of construction and interpretation

Sec. 102. (a) In this chapter, the following terms have the following meanings: (1) The following terms have the following meanings: (A) "Act" refers to the amendments to IC 26-1 that: (i) were made during the 2023 regular session of the general assembly; and (ii) took effect July 1, 2023. (B) "Adjustment date" means July 1, 2025. (2) "Chapter 12" refers to IC 26-1-12. (3) "Chapter 12 property" means a controllable account, a controllable electronic record, or a controllable payment intangible. (b) The following definitions in other chapters of IC 26-1 apply to this chapter: "Controllable account". IC 26-1-9.1-102. "Controllable electronic record". IC 26-1-12-102. "Controllable payment intangible". IC 26-1-9.1-102. "Financing statement". IC 26-1-9.1-102. (c) IC 26-1-1 contains general definitions and principles of construction and interpretation that apply throughout this chapter. As added by P.L.199-2023, SEC.91.

Ind. Code § 26-1-12.5-201 Validity of transactions entered into before July 1, 2023

Sec. 201. Except as provided in sections 301 through 306 of this chapter, a transaction validly entered into before July 1, 2023, and the rights, duties, and interests flowing from the transaction remain valid after June 30, 2023, and may be terminated, completed, consummated, or enforced as required or permitted by law other than IC 26-1 or, if applicable, by IC 26-1 as though the act had not taken effect. As added by P.L.199-2023, SEC.91.

Ind. Code § 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

Sec. 301. (a) Except as otherwise provided in this section or in sections 302 through 306 of this chapter: (1) IC 26-1-9.1, as amended by the act; and (2) IC 26-1-12; apply to a transaction, lien, or interest in property, even if the transaction, lien, or interest was entered into, created, or acquired before July 1, 2023. (b) Except as provided in subsection (c) and in sections 302 through 306 of this chapter: (1) a transaction, lien, or interest in property that was validly entered into, created, or transferred before July 1, 2023, and was not governed by IC 26-1, but would be subject to: (A) IC 26-1-9.1, as amended by the act; or (B) IC 26-1-12; if it had been entered into, created, or transferred on or after July 1, 2023, including the rights, duties, and interests flowing from the transaction, lien, or interest, remain valid on and after July 1, 2023; and (2) the transaction, lien, or interest may be terminated, completed, consummated, and enforced as required or permitted by: (A) the act; or (B) the law that would apply if the act had not taken effect. (c) The act does not affect an action, case, or proceeding commenced before July 1, 2023. As added by P.L.199-2023, SEC.91.

Ind. Code § 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

Sec. 302. (a) A security interest that is enforceable and perfected on June 30, 2023, is a perfected security interest under the act if, on July 1, 2023, the requirements for enforceability and perfection under the act are satisfied without further action. (b) If a security interest is enforceable and effective on June 30, 2023, but the requirements for enforceability and perfection under the act are not satisfied on July 1, 2023, the security interest: (1) is a perfected security interest until the earlier of: (A) the time perfection would have ceased under IC 26-1 as in effect on June 30, 2023; or (B) the adjustment date; (2) remains enforceable on or after the time specified in subdivision (1) only if the security interest satisfies the requirements for enforceability under IC 26-1-9.1-203, as amended by the act, before the adjustment date; and (3) remains perfected on or after the time specified in subdivision (1) only if the requirements for perfection under the act are satisfied before the time specified in subdivision (1). As added by P.L.199-2023, SEC.91.

Ind. Code § 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

Sec. 303. A security interest that is enforceable on June 30, 2023, but is unperfected on June 30, 2023: (1) remains an enforceable security interest until the adjustment date; (2) remains enforceable on or after the adjustment date if the security interest becomes enforceable under IC 26-1-9.1-203, as amended by the act, on July 1, 2023, or before the adjustment date; and (3) becomes perfected; (A) without further action on July 1, 2023, if the requirements for perfection under the act are satisfied before or on July 1, 2023; or (B) when the requirements for perfection under the act are satisfied if the requirements are satisfied after July 1, 2023. As added by P.L.199-2023, SEC.91.

Ind. Code § 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

Sec. 304. (a) If action, other than the filing of a financing statement, is taken before July 1, 2023, and the action would have resulted in perfection of a security interest had the security interest become enforceable before July 1, 2023, the action is effective to perfect a security interest that attaches under the act before the adjustment date. An attached security interest becomes unperfected on the adjustment date unless the security interest becomes a perfected security interest under the act before the adjustment date. (b) The filing of a financing statement before July 1, 2023, is effective to perfect a security interest on July 1, 2023, to the extent the filing would satisfy the requirements for perfection under the act. (c) The taking of an action before July 1, 2023, is sufficient for the enforceability of a security interest on July 1, 2023, if the action would satisfy the requirements for enforceability under the act. As added by P.L.199-2023, SEC.91.

Ind. Code § 26-1-12.5-305 Determination of priority of conflicting claims to collateral

Sec. 305. (a) Subject to subsections (b) and (c), the act determines the priority of conflicting claims to collateral. (b) Subject to subsection (c), if the priorities of claims to collateral were established before July 1, 2023, IC 26-1-9.1 as in effect before July 1, 2023, determines priority. (c) On the adjustment date, to the extent the priorities determined by IC 26-1-9.1, as amended by the act, modify the priorities established before July 1, 2023, the priorities of claims to chapter 12 property established before July 1, 2023, cease to apply. As added by P.L.199-2023, SEC.91.

Ind. Code § 26-1-12.5-306 Determination of priority of conflicting claims to controllable accounts, controllable electronic records, and controllable payment intangibles

Sec. 306. (a) Subject to subsections (b) and (c), chapter 12 determines the priority of conflicting claims to chapter 12 property when the priority rules of IC 26-1-9.1, as amended by the act, do not apply. (b) Subject to subsection (c), when the priority rules of IC 26-1-9.1, as amended by the act, do not apply and the priorities of claims to chapter 12 property were established before July 1, 2023, law other than chapter 12 determines priority. (c) When the priority rules of IC 26-1-9.1, as amended by the act, do not apply, to the extent the priorities determined by the act modify the priorities established before July 1, 2023, the priorities of claims to chapter 12 property established before July 1, 2023, cease to apply on the adjustment date. As added by P.L.199-2023, SEC.91.
Source: Open US Law by Vaquill AI (CC BY 4.0)URL: https://iga.in.gov/laws/2026/ic/titles/26Fetched: 10/17/2026