Indiana Code 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
Current as of: 2023 | Check for updates
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Sec. 306.2. (a) Except as provided in subsection (b), the local law of the controllable electronic record’s jurisdiction under IC 26-1-12-107(c) and IC 26-1-12-107(d) governs perfection, the effect of perfection or nonperfection, and the priority of a security interest in a controllable electronic record and a security interest in a controllable account or controllable payment intangible evidenced by the controllable electronic record.
(1) perfection of a security interest in a controllable account, controllable electronic record, or controllable payment intangible by filing; and
(b) The local law of the jurisdiction in which the debtor is located governs:
Terms Used In Indiana Code 26-1-9.1-306.2
- Jurisdiction: (1) The legal authority of a court to hear and decide a case. Concurrent jurisdiction exists when two courts have simultaneous responsibility for the same case. (2) The geographic area over which the court has authority to decide cases.
(2) automatic perfection of a security interest in a controllable payment intangible created by a sale of the controllable payment intangible.
As added by P.L.199-2023, SEC.55.