Sec. 17. (a) A transfer of
property other than
real property shall be considered to be made or suffered when it becomes so far perfected that no subsequent
lien obtainable by legal or
equitable proceedings on a simple
contract could become superior to the rights of the transferee.
(b) A transfer of real property shall be considered to be made or suffered when it becomes so far perfected that no subsequent bona fide purchaser from the insurer could obtain rights superior to the rights of the transferee.
Terms Used In Indiana Code 27-9-3-17
- Contract: A legal written agreement that becomes binding when signed.
- Equitable: Pertaining to civil suits in "equity" rather than in "law." In English legal history, the courts of "law" could order the payment of damages and could afford no other remedy. See damages. A separate court of "equity" could order someone to do something or to cease to do something. See, e.g., injunction. In American jurisprudence, the federal courts have both legal and equitable power, but the distinction is still an important one. For example, a trial by jury is normally available in "law" cases but not in "equity" cases. Source: U.S. Courts
- Lien: A claim against real or personal property in satisfaction of a debt.
- Property: includes personal and real property. See Indiana Code 1-1-4-5
- real property: include lands, tenements, and hereditaments. See Indiana Code 1-1-4-5
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
(d) A transfer not perfected before the filing of a petition for liquidation shall be considered to be made immediately before the filing of the successful petition.
(e) This section applies whether or not there are or were creditors who might have obtained liens or persons who might have become bona fide purchasers.
As added by Acts 1979, P.L.255, SEC.1.
