Indiana Code 26-1-7-209. Warehouse lien
(b) A warehouse may also reserve a security interest against the bailor for the maximum amount specified on the receipt for charges other than those specified in subsection (a), such as for money advanced and interest. The security interest is governed by IC 26-1-9.1 on secured transactions.
Terms Used In Indiana Code 26-1-7-209
- Good faith: means honesty in fact and the observance of reasonable commercial standards of fair dealing. See Indiana Code 26-1-7-102
- Goods: means all things that are treated as movable for the purposes of a contract for storage or transportation. See Indiana Code 26-1-7-102
- Lien: A claim against real or personal property in satisfaction of a debt.
- Statute: A law passed by a legislature.
- Warehouse: means a person engaged in the business of storing goods for hire. See Indiana Code 26-1-7-102
(1) deliver or entrust the goods or any document of title covering the goods to the bailor or the bailor’s nominee with:
(A) actual or apparent authority to ship, store, or sell;
(B) power to obtain delivery under section 403 of this chapter; or
(C) power of disposition under IC 26-1-2-403, IC 26-1-2.1-304(2), IC 26-1-2.1-305(2), IC 26-1-9.1-320, or IC 26-1-9.1-321 or any other statute or rule of law; or
(2) acquiesce in the procurement by the bailor or its nominee of any document.
(d) For purposes of this subsection, “household goods” means furniture, furnishings, or personal effects used by the depositor in a dwelling. A warehouse’s lien on household goods for charges and expenses in relation to the goods under subsection (a) is also effective against all persons if the depositor was the legal possessor of the goods at the time of deposit.
(e) A warehouse loses its lien on any goods that the warehouse voluntarily delivers or unjustifiably refuses to deliver.
Formerly: Acts 1963, c.317, s.7-209. As amended by P.L.152-1986, SEC.250; P.L.57-2000, SEC.36; P.L.143-2007, SEC.38.