Indiana Code 32-33-20-11. Special tool builder security interest on a special tool
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Sec. 11. (a) A special tool builder has an unperfected purchase money security interest under IC 26-1-9.1 on a special tool that the special tool builder fabricates, repairs, or modifies.
(c) A special tool builder may perfect its purchase money security interest in a special tool by filing a financing statement in accordance with IC 26-1-9.1-317(e).
(b) The amount of the lien is the amount that a customer or end user owes the special tool builder for the fabrication, repair, or modification of the special tool.
Terms Used In Indiana Code 32-33-20-11
- customer: means a person who:
Indiana Code 32-33-20-1
- end user: means a person who uses a special tool as part of the person's manufacturing process. See Indiana Code 32-33-20-2
- Lien: A claim against real or personal property in satisfaction of a debt.
- special tool: means tools, dies, jigs, gauges, gauging fixtures, special machinery, cutting tools, injection molds, or metal castings used in the design, development, manufacture, assembly or fabrication of parts. See Indiana Code 32-33-20-3
- special tool builder: means a person who designs, develops, manufactures, or assembles special tools for sale. See Indiana Code 32-33-20-4
As added by P.L.73-2009, SEC.4.