Indiana Code 26-1-9.1-333. Priority of certain liens arising by operation of law
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Sec. 333. (a) In this section, “possessory lien” means an interest, other than a security interest or an agricultural lien:
(2) that is created by statute or rule of law in favor of the person; and
(1) that secures payment or performance of an obligation for services or materials furnished with respect to goods by a person in the ordinary course of the person’s business;
Terms Used In Indiana Code 26-1-9.1-333
- Lien: A claim against real or personal property in satisfaction of a debt.
- Obligation: An order placed, contract awarded, service received, or similar transaction during a given period that will require payments during the same or a future period.
- Statute: A law passed by a legislature.
(3) whose effectiveness depends on the person’s possession of the goods.
(b) A possessory lien on goods has priority over a security interest in the goods unless the lien is created by a statute that expressly provides otherwise.
As added by P.L.57-2000, SEC.45.