Ind. Code § 26-1-12.5-302
This is the official text of Ind. Code § 26-1-12.5-302, part of Indiana’s Code — part of the compiled statutory law of Indiana, published by the state as "Code." Browse the sections below, each linked to its official government source.
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Security interest enforceable and perfected on June 30, 2023; conditions and time frame for continued enforceability and perfection after June 30, 2023
Official statutory text
Sec. 302. (a) A security interest that is enforceable and perfected on June 30, 2023, is a perfected security interest under the act if, on July 1, 2023, the requirements for enforceability and perfection under the act are satisfied without further action.
(b) If a security interest is enforceable and effective on June 30, 2023, but the requirements for enforceability and perfection under the act are not satisfied on July 1, 2023, the security interest:
(1) is a perfected security interest until the earlier of:
(A) the time perfection would have ceased under IC 26-1 as in effect on June 30, 2023; or
(B) the adjustment date;
(2) remains enforceable on or after the time specified in subdivision (1) only if the security interest satisfies the requirements for enforceability under IC 26-1-9.1-203, as amended by the act, before the adjustment date; and
(3) remains perfected on or after the time specified in subdivision (1) only if the requirements for perfection under the act are satisfied before the time specified in subdivision (1).
As added by P.L.199-2023, SEC.91.
(b) If a security interest is enforceable and effective on June 30, 2023, but the requirements for enforceability and perfection under the act are not satisfied on July 1, 2023, the security interest:
(1) is a perfected security interest until the earlier of:
(A) the time perfection would have ceased under IC 26-1 as in effect on June 30, 2023; or
(B) the adjustment date;
(2) remains enforceable on or after the time specified in subdivision (1) only if the security interest satisfies the requirements for enforceability under IC 26-1-9.1-203, as amended by the act, before the adjustment date; and
(3) remains perfected on or after the time specified in subdivision (1) only if the requirements for perfection under the act are satisfied before the time specified in subdivision (1).
As added by P.L.199-2023, SEC.91.
Status: in_force · Read it on the official government site
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